Individuals can utilize their own names, likenesses and reputations to make money. This often occurs through licensing and endorsement deals, which can garner huge contracts. Yet, in order to ensure one gets a fair shake in these agreements, they need to understand exactly what their endorsement is worth. This can be a challenging task, but it can be a much higher figure than many imagine.
To see an example, one need only look at a case involving reality superstar Kim Kardashian West. Kardashian West, who owns a corporation named Kimsaprincess Inc., is in the middle of a dispute against fashion company Missguided. According to the legal claim, Missguided misappropriated Kardashian West's likeness and image to sell its own goods. Apparently, Missguided sells outfits that are similar to those worn by Kardashian West, and it posted pictures of her on its social media pages without her consent.
This poses a problem for a number of reasons. To start, Kardashian West may not want to be associated with a particular product. This could be because she doesn't support the product's style or quality, or maybe she simply doesn't want to be associated with a particular brand. Another issue, though, is that Kardashian West is paid for endorsing or even posting on social media about certain products or services. According to court records, Kardashian West is paid upwards of $500,000 for a single Instagram post that endorses a product. Longer-term licensing deals are worth much more.
While it is yet to be seen how this case turns out, it does highlight the importance of licensing agreements and endorsement deals. The terms of these deals can be varied, and they should be carefully negotiated to ensure fairness. Those who find their likeness being misappropriated, as Kardashian West has, can also seek legal action to protect not only their name and image, but also their financial best interest. Skilled legal professionals stand ready to help with this process.