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(L to R) Katherine Califa senior counsel Washington, DC and Laura Ganoza partner, Miami Foley & Lardner (Photo: Courtesy Photo) . (L to R) Katherine Califa senior counsel Washington, DC and Laura Ganoza partner, Miami Foley & Lardner (Photo: Courtesy Photo) .

Businesses are spending billions of dollars a year to reach the loyal followers of “social media influencers.” Whether this means sending a free product to an influencer asking that she post a video review on YouTube or paying an influencer to post photographs of a company’s product on Instagram—businesses are spending big money to tap into the perceived authenticity, credibility and social network of influencers.

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