Influencer marketing has in recent years established itself as a central marketing strategy for
many companies, while simultaneously introducing risks that have yet to be fully
problematised in existing research. This study aims to identify and analyse the risks
associated with influencer marketing, with a focus on how these risks emerge, are distributed
between influencer and brand, and what consequences they entail.
The study adopts a qualitative approach, combining a theoretical framework of three
established perspectives, principal-agent theory, spillover effects and authenticity risk. This is
combined with empirical case studies of three well-documented scandals, Balenciaga 2022,
Kanye West and Adidas 2022, and Fyre Festival 2017. Google Trends data is used as a
complementary empirical tool to concretise how attention was distributed between the parties
involved in each scandal.
The findings indicate that the risks in influencer marketing are not random or event-specific
but structurally embedded in the marketing form itself. Three interconnected mechanisms are
identified. The loss of control that arises when companies delegate brand communication to
autonomous individuals, authenticity breaches that trigger consumer reactions when
perceived genuineness is questioned, and spillover effects that distribute negative
consequences asymmetrically consistently to the detriment to the brand. The Google Trends
data empirically confirms this pattern across all three cases.
A central conclusion is that the very qualities that make influencer marketing attractive as a
strategy, such as influencers’ authenticity, close follower relationships and personal
credibility, are the same qualities that amplify the risks. There is no strategy that eliminates
this tension, which means that the risks should be understood as systematic and managed
accordingly.