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MLM

Multi-level (MLM), also referred to as network , is a direct-selling in which independent distributors earn commissions from retail of products or services to consumers as well as from commissions on generated by recruits they sponsor into the , creating a tiered compensation structure that rewards recruitment and downline expansion. While proponents describe it as an entrepreneurial opportunity emphasizing personal networks and residual income, empirical analyses of participant outcomes reveal that the model's reliance on recruitment often leads to net financial losses for the overwhelming majority of participants after accounting for expenses such as purchases, fees, and costs. The structure of MLMs typically involves , unilevel, or compensation plans where earnings derive primarily from overrides on subordinate distributors' volumes rather than end-consumer sales, distinguishing them from traditional focused solely on personal retail. (FTC) evaluations emphasize that legitimate MLMs must prioritize verifiable retail sales to non-participants over incentives to avoid as unlawful schemes, yet data from settled enforcement actions, such as against Fortune Hi-Tech Marketing, indicate loss rates exceeding 99% among active participants when expenses are factored in. Key companies operating under this model include , , and , which have generated billions in annual revenue but faced repeated regulatory challenges for allegedly misleading income claims and insufficient retail focus. Controversies surrounding MLMs center on their economic viability and deceptive practices, with peer-reviewed economic models demonstrating that recruitment chains are mathematically in finite markets, resulting in saturation and collapse for lower tiers. settlements, including multimillion-dollar penalties against major firms, have mandated income disclosure improvements, yet studies show median annual often fall below $1,000 for most distributors, underscoring systemic unprofitability driven by high and inventory loading. Despite industry claims of empowerment through flexible work, causal evidence links MLM participation to disproportionate financial harm in communities with limited formal alternatives, prompting calls for stricter rules.

Definition and fundamentals

Core mechanisms

Multi-level marketing (MLM) operates by enlisting distributors who purchase products or services from the company at wholesale prices and resell them directly to end consumers at prices, generating profit margins on those transactions. Distributors simultaneously additional participants into the network, forming a hierarchical "downline" beneath them, which creates multiple levels of compensation eligibility. This ment process expands the sales force organically, with each new becoming a sub-distributor who repeats the cycle of purchasing, selling, and recruiting. Compensation in MLMs derives primarily from two sources: direct profits earned by the and commissions or overrides on the generated throughout their downline organization. These overrides typically constitute a fixed —often ranging from 5% to 25%—of the aggregated wholesale purchases or from recruited levels, incentivizing upline distributors to prioritize for amplified earnings potential. Various plan structures, such as unilevel (unlimited width, limited depth), (two-legged recruitment trees), or (fixed width and depth), formalize how is balanced and commissions calculated, but all hinge on cumulative group performance rather than isolated individual . At its foundation, the mechanism relies on exponential network growth to sustain profitability for top-tier participants, as each level's commissions depend on the ongoing purchases and activity of subordinates. Companies often impose minimum purchase requirements or "personal volume" thresholds to qualify for commissions, ensuring distributors maintain for resale or incentives. This structure distinguishes MLMs from traditional single-level direct sales by embedding -driven income streams, though empirical analyses indicate that retail sales to non-participants form a minority of total revenue in many operations, with internal purchases among distributors dominating volume. Multi-level marketing (MLM) differs from pyramid schemes in that the former involves the sale of tangible products or services to end consumers, with compensation tied to sales volume rather than primarily to recruitment fees. The U.S. () defines pyramid schemes as illegal operations where income depends mainly on inducing participants to pay for the opportunity to recruit others, often with nominal or overpriced products serving as a facade. In legal MLMs, participants must be able to earn profits through genuine product sales to non-participants, without the model collapsing when recruitment ceases; the has ruled against entities like BurnLounge in 2014 for emphasizing program promotion over product sales, effectively operating as a pyramid. Mathematical models for differentiation, such as that developed by Vander Nat and Keep in 2002, evaluate MLM legitimacy by calculating break-even points based on markup margins versus recruitment-driven commissions; schemes requiring disproportionate downline expansion to recoup costs are deemed pyramid-like, as alone rarely suffice in practice for most participants. Empirical reviews of and indicate that while legal distinctions exist, many MLMs exhibit characteristics when over 70% of revenue stems from internal purchases by recruits rather than external . Unlike single-level , where earnings accrue only from an individual's own sales without downline commissions, MLM incorporates multi-tiered hierarchies allowing overrides on recruits' volumes. broadly includes both but lacks MLM's emphasis on network-building for . MLM contrasts with , which rewards promoters for driving external sales via referral links without obligations, requirements, or hierarchical teams; affiliates earn flat commissions on attributed transactions, avoiding MLM's upfront costs and emphasis on building sales organizations. Ponzi schemes, distinct from both, fraudulently promise investment returns funded by new entrants' contributions absent any productive enterprise, whereas MLMs purport to distribute real goods.

Historical development

Early precursors and origins

Direct selling models in the late 19th and early 20th centuries, such as door-to-door peddling and commission-based agent networks, served as precursors to multi-level marketing by emphasizing personal recruitment and product distribution outside traditional retail channels. These were largely single-level operations without structured downline incentives, but examples like Madam C.J. Walker's African-American hair care enterprise in the 1910s employed a proto-pyramidal agent system, growing to over 20,000 distributors by 1919 through training and sales commissions. The foundational development of MLM occurred with Carl F. Rehnborg, who founded the Vitamin Company in 1934 after years of observing nutritional deficiencies' health impacts during his residence in from 1917 to 1927. Rehnborg created plant-concentrated supplements to address perceived dietary gaps and initially distributed them via informal networks of associates earning commissions on referrals, evolving from direct sales into an embryonic multi-level framework by the late 1930s. The company, renamed Products, Inc. in 1939, emphasized and sustainable sourcing for its products. Nutrilite formalized the modern MLM structure in the mid-1940s under exclusive national distributors Lee S. Mytinger and William S. Casselberry, who in 1945 implemented ""—a compensation system granting distributors a 35% for retailing, plus bonuses on downline and volumes. This incentive model, rewarding infinite-level sponsorship while tying earnings to verifiable product movement, drove rapid expansion, with monthly reaching $500,000 by 1947. Early adopters like and built extensive distributor networks under this system, achieving thousands of recruits through motivational seminars and volume-based overrides. Regulatory scrutiny emerged concurrently, as the FDA targeted in 1947 for unsubstantiated therapeutic claims, leading to investigations into distributor contracts and a 1951 federal court injunction prohibiting misleading advertising. These challenges highlighted tensions between the model's emphasis and requirements for genuine , influencing subsequent adaptations like Amway's 1959 launch by DeVos and Van Andel, which decoupled from amid ongoing legal pressures.

Post-WWII expansion

The model emerged in the United States shortly after , pioneered by Products, Inc., which formalized a compensation structure in the late 1940s allowing distributors to earn from personal sales and recruits' volumes. Founded in 1934 by Carl F. Rehnborg, shifted to this recruitment-based system around 1945–1948 amid post-war economic recovery, leveraging sales of vitamin supplements to capitalize on growing consumer interest in health products. Distributors like Lee S. Mytinger and William S. Casselberry expanded the model by emphasizing unlimited downline recruitment, which differentiated it from traditional single-level and fueled rapid network growth. Amway Corporation, established on November 3, 1959, by and —former distributors—marked a pivotal expansion of the MLM framework by introducing household cleaners and soaps alongside nutritional products, broadening appeal beyond niche supplements. The company's sales reached $500,000 in its first year and grew to twelve times that figure by 1963, necessitating 45 plant expansions within the first seven years to meet demand driven by aggressive recruitment incentives. Amway's structure rewarded distributors for building teams, with commissions from downline sales comprising the majority of earnings, which propelled its valuation and influenced subsequent MLMs. This period's expansion aligned with post-war suburbanization, rising female workforce participation, and a booming consumer economy, enabling channels—including MLMs—to thrive as alternatives to conventional amid limited distribution networks for new products. By the early , companies like Cosmetics (founded 1963) adopted similar multi-level plans focused on cosmetics sales through recruited beauty consultants, further institutionalizing the model. The industry's growth reflected causal incentives in commission structures that prioritized over retail volume, though early critiques noted risks of inventory loading on distributors. Overall, post-WWII MLM proliferation laid the groundwork for a sector that, by decade's end, employed thousands in decentralized sales networks.

Modern evolution and globalization

In the 1980s, underwent rapid expansion in the United States amid economic challenges, with the industry adapting through diversified product offerings and improved compensation structures to differentiate from pyramid schemes. This era saw early globalization efforts intensify, as Corporation, following its 1962 entry into , established operations in by the late 1970s, achieving substantial success that served as a model for other firms entering Asian markets and prompting regulatory adaptations worldwide. By the , MLM had evolved into a global enterprise, with companies like and Yanbal penetrating , , often leveraging personal networks for cross-border recruitment amid varying national regulations. The rise of digital technologies from the 2000s onward revolutionized MLM's operational model, shifting from in-person parties to online platforms for recruitment, training, and sales, which lowered barriers to participation and enabled distributors to span multiple countries. and mobile applications further accelerated this globalization, allowing real-time global networking, though this also amplified scrutiny from agencies over unsubstantiated income claims. In Asia, markets like and emerged as dominant, with revenues in the region contributing significantly to industry totals, reflecting adaptations to local preferences for and products. By 2024, the global MLM market was valued at USD 201.74 billion, projected to grow to USD 397.82 billion by 2034 at a of 6.5%, fueled by digital integration and penetration into emerging economies in and , though industry-reported figures from associations like the warrant caution due to potential incentives for optimistic projections. This evolution has included for transparent payouts and AI-driven analytics for targeted , yet core recruitment-heavy dynamics persist, with exposing MLMs to diverse regulatory environments that prioritize over endless chain to maintain .

Operational structure

Compensation plans

Multi-level marketing compensation plans outline the mechanisms by which distributors receive payments, generally comprising margins on to consumers, wholesale commissions on personal volume, overrides or team commissions on downline volumes, and -based bonuses such as fast-start or leadership incentives. These structures aim to incentivize both product retailing and network expansion, but the U.S. () evaluates their legitimacy by assessing whether earnings derive primarily from verifiable to ultimate non-participant users rather than from internal purchases or fees, as the latter risks classification. In practice, plans often blend these elements, with distributors qualifying for higher-tier commissions by achieving personal or group thresholds that frequently prioritize downline over independent retailing. Common plan architectures include the unilevel model, which permits unlimited recruitment width across a single frontline but caps depth for commission payouts, typically paying 5-10% overrides on multiple levels based on group ; the model, restricting each to two "legs" of downline recruits with commissions calculated on the weaker leg's balanced to encourage balancing; and the matrix or forced matrix, enforcing a fixed width (e.g., 3-5 wide) and depth (e.g., up to 6 levels), spilling over excess recruits to foster spillover support but limiting expansion potential. plans combine these, such as with unilevel elements, allowing customization but complicating payout calculations. Additional components like advancements—tied to cumulative or metrics—unlock enhanced percentages, while bonuses may extend commissions beyond capped depths on strong-performing legs.
Plan TypeKey StructureCommission Focus
UnilevelUnlimited width, limited depth (e.g., 5-10 levels)Overrides on downline , emphasizing depth-building through
BinaryTwo legs, pay on weaker leg's (e.g., 10-20% matching )Balancing across legs to maximize balanced
MatrixFixed width/depth (e.g., 3x6), with spilloverCompressed payouts within grid, reliant on upstream for fill
Empirical analyses reveal that in many MLMs, compensation disproportionately stems from recruitment-driven downline volumes rather than , with one FTC staff review of 70 statements indicating median annual earnings below $1,000 for active participants, often after expenses, and scant evidence of widespread profitability. Academic modeling corroborates this, showing that sustainable distributor requires , which saturates markets and results in net losses for over 99% of participants in non-competitive scenarios, as margins alone (typically 20-50%) fail to offset costs or efforts. The 's advisory underscores that plans rewarding over end-user —evident when internal consumption exceeds external demand—violate standards, as seen in enforcement actions where misrepresented "" volumes masked dependency.

Recruitment dynamics

Recruitment in (MLM) schemes primarily involves distributors enlisting new participants into their downline, with compensation structures often deriving a significant portion of earnings from the and further activities of these recruits rather than personal alone. This hierarchical model requires , as each distributor must recruit multiple others to sustain , theoretically creating layers of participants who generate commissions up the chain. Economic analyses indicate that without substantial independent of , such systems risk market saturation, where later entrants struggle to find viable recruits, leading to high failure rates. Common recruitment strategies emphasize personal networks, with distributors targeting friends, family, and acquaintances through one-on-one pitches promising and flexible work. Online platforms and amplify these efforts, using aspirational messaging about lifestyle benefits and selective success stories to attract participants, often women seeking supplemental income. Events such as seminars and conventions foster enthusiasm through testimonials and , encouraging rapid sign-ups with minimal disclosure of risks or costs. These tactics leverage and , though empirical reviews highlight frequent omissions of low average earnings and high dropout rates in promotional materials. Participant retention and recruitment success remain low, with () analyses of 70 MLM income disclosure statements from 2023 revealing that up to 99.4% of participants earn $1,000 or less annually, often tied to achieving recruitment-based ranks that few attain. For instance, in one reviewed MLM, 92.37% of entry-level participants averaged $41.69 yearly, while top ranks comprising 0.01% averaged over $1 million, underscoring the dependency on building extensive downlines that most fail to develop. Studies model retention as influenced by early successes in recruiting, but high inactivity rates—often exceeding 50% earning nothing—reflect churn as recruits confront recruitment difficulties and net losses after expenses. Retention data across MLMs indicate rapid , with definitions of "active" status varying but commonly requiring ongoing purchases or downline activity that sustains only a fraction of entrants. Regulatory scrutiny from the focuses on these dynamics, deeming plans where recruitment predominates over product sales as potentially unlawful schemes, as they incentivize unsustainable expansion over genuine consumer demand. Proposed rules as of January 2025 aim to curb deceptive recruitment claims by mandating substantiation of earnings and prohibiting materials that misrepresent opportunities without evidence. from court cases, such as Omnitrition (1996), has confirmed that reward systems prioritizing recruitment over retail erode legality, with success hinging on continuous downline expansion that collapses under geometric recruitment demands.

Product focus and inventory requirements

Multi-level marketing (MLM) companies predominantly emphasize products in the and sector, including dietary supplements, nutritional shakes, and vitamins, alongside items such as skincare, , and oils. These categories are favored due to their consumable nature, which theoretically supports recurring retail sales to end consumers outside the , a key factor in distinguishing legitimate MLMs from pyramid schemes under U.S. () evaluation criteria. Other common product lines include , , and tools, often marketed as premium or innovative to facilitate higher margins and distributor enthusiasm for promotion. The assesses MLM product focus by examining whether sales occur primarily to non-participants for personal use, rather than internal purchases among recruiters, as heavy reliance on the latter can indicate unsustainable operations. For instance, in practice, many MLMs report that a significant portion of product volume derives from distributor auto-shipments or personal consumption incentives, which regulators scrutinize for masking recruitment-driven economics. Legitimate models prioritize verifiable external demand, with product quality and pricing needing substantiation to avoid deceptive claims about efficacy or value. Inventory requirements in MLMs often involve initial or ongoing purchases by distributors to achieve qualification thresholds for commissions, bonuses, or rank advancement, a practice termed "inventory loading." The FTC identifies inventory loading as problematic when purchases exceed what can reasonably be resold, leading to participant losses from unsold stock, and views it as evidence of pyramid-like structures if not offset by robust retail sales data. While not outright prohibited, mandatory minimum orders—such as monthly autoships of $50 to $300 worth of goods—are common to maintain active status, though the FTC closely examines them for coercion or lack of genuine sales intent. To address inventory risks, compliant MLMs must provide buy-back or return policies for unused, unopened products, typically allowing refunds within 12 months of purchase with restocking fees capped at 10% and excluding perishable or personalized items. Failure to implement such safeguards can result in regulatory actions, as seen in enforcement where excessive loading contributed to findings of deceptive practices. Distributors are thus advised to assess personal sales capacity before committing to , as empirical patterns show many accumulate excess stock without corresponding .

Criteria for legality

The legality of (MLM) schemes hinges on whether they function as legitimate operations or illegal , with the primary distinction lying in the source of participant compensation. In the United States, the () evaluates MLMs under Section 5 of the FTC Act, which prohibits unfair or deceptive acts or practices; a scheme is deemed pyramidal and thus illegal if compensation is predominantly derived from recruiting new participants rather than from bona fide sales of products or services to ultimate users outside the organization. This criterion was clarified in FTC v. BurnLounge, Inc. (753 F.3d 858, 9th Cir. 2012), where the court ruled that an MLM emphasizing recruitment and internal purchases over external retail sales constitutes a pyramid scheme, as the "focus [is] in promoting the program rather than selling the products." Key factors include the emphasis on sales volume to non-participants, which must form the substantial basis for rewards; schemes failing this test, where commissions exceed verifiable external , are unlawful regardless of product involvement. The 's 1979 decision in v. Corp. established enduring benchmarks, upholding the MLM's legality due to policies mandating that distributors sell 70% of purchased to non-participants before qualifying for bonuses and offering a buy-back for unsold goods, thereby mitigating loading risks. In contrast, operations with "head loading"—requiring large upfront purchases of with little outlet—are red flags, as they incentivize over genuine demand-driven . Additional safeguards against illegality encompass transparent representations grounded in verifiable , avoidance of unsubstantiated claims, and mechanisms to prevent participant losses from mandatory purchases not resold at . The advises that legitimate MLMs maintain products with independent viability, priced comparably to non-MLM alternatives, ensuring compensation reflects market-driven sales rather than endless chains prone to saturation. Internationally, criteria vary but often align with similar principles; for instance, Canada's prohibits compensation primarily for or requiring purchases beyond resale needs, while the Union's Unfair Practices Directive scrutinizes MLMs for misleading practices if overshadows product . In jurisdictions like , MLMs are permitted only under stringent registration and sales-focused mandates, banning direct incentives to curb pyramidal growth. Jurisdictions such as and some outright ban MLM structures resembling pyramids, prioritizing over business models reliant on exponential participant influx.

Key regulatory actions and agencies

The is the principal U.S. agency regulating (MLM), applying Section 5 of the FTC Act to prohibit unfair or deceptive acts, including pyramid schemes where participant compensation derives primarily from recruitment rather than retail sales to non-participants. In September 2018, the FTC issued non-binding Business Guidance Concerning Multi-Level Marketing, outlining factors to distinguish lawful MLMs—such as emphasis on genuine product sales and realistic earnings representations—from illegal pyramids, with updates in April 2024 incorporating recent enforcement insights on deceptive claims by participants. In January 2025, the proposed an Earnings Claim Rule specifically targeting MLMs, which would ban unsubstantiated or misleading income representations, mandate provision of average earnings data in recruitment materials, require substantiation disclosure upon request, and impose a seven-day cooling-off period for buybacks of inventory, aiming to address prevalent overstatements of profitability. Concurrently, the sought modifications to its Business Opportunity Rule to better cover MLM disclosures, including warnings about non-refundable fees and historical participant success rates. The U.S. Securities and Exchange Commission (SEC) intervenes when MLM structures resemble unregistered securities offerings, as in cases involving investment-like returns tied to recruitment. The Food and Drug Administration (FDA) regulates MLM product claims, particularly for health and wellness items, enforcing labeling and substantiation standards under the Federal Food, Drug, and Cosmetic Act to prevent false therapeutic assertions. State-level enforcement, often via attorneys general, supplements federal oversight, with agencies like the Consumer Protection Division pursuing local violations of anti-pyramid statutes. Internationally, regulation varies: China's 2005 Regulations for the Prohibition of Selling strictly limit MLMs to single-level structures, banning multi-tier and requiring registered products with approval. The Union's Unfair Practices Directive (2005/29/) prohibits aggressive tactics and misleading claims, with member states like imposing additional restrictions on downline compensation. Canada's deems selling illegal under the , allowing MLMs only if revenue stems predominantly from end-user sales.

Landmark cases and outcomes

In 1979, the U.S. Federal Trade Commission (FTC) issued a landmark ruling in its case against Amway Corporation, following a four-year investigation and trial initiated in 1975 alleging illegal pyramid operations. The FTC determined that Amway's model did not constitute an unlawful pyramid scheme because a substantial portion of sales—enforced by the company's "70% rule" requiring distributors to sell at least 70% of purchased inventory to non-distributors before qualifying for further purchases—demonstrated legitimate retail activity rather than predominant reliance on recruitment. However, the commission found Amway liable for price-fixing practices and unsubstantiated income claims, ordering cessation of these activities and injunctive relief, which established a key precedent distinguishing multi-level marketing from pyramids based on verifiable end-consumer sales volume. The 2016 FTC settlement with Herbalife International resolved allegations that the company's compensation structure emphasized over product sales, misleading distributors about earnings potential. Herbalife agreed to pay $200 million in consumer redress without admitting wrongdoing, implement structural changes including territory-specific retail sales requirements and bans on unsubstantiated income claims, and accept a court-appointed monitor for five years to oversee compliance. This outcome prompted Herbalife to shift toward greater retail focus, distributing redress checks to approximately 350,000 affected participants by 2017, though critics contended the settlement lacked sufficient enforcement mechanisms to prevent ongoing recruitment-driven losses. In 2019, the FTC's action against International culminated in a deeming its operations an illegal , where over 70% of revenue derived from recruitment rather than verifiable retail sales. and its executives paid $150 million for consumer redress, with the company and key individuals permanently banned from activities, highlighting regulatory scrutiny on plans lacking substantial product movement to non-participants. A federal court decision in FTC v. Neora, LLC (formerly International) marked a significant victory for the direct-selling industry, with the U.S. District Court for the Northern District of granting to Neora on all claims of operations. The court found insufficient evidence that Neora's compensation prioritized recruitment over genuine product sales, rejecting arguments based on participant loss rates alone and affirming that economic realities like average distributor unprofitability do not inherently prove illegality absent inventory loading or no- emphasis. This ruling, the first major direct-selling win against the since , clarified that multi-level structures can remain legal if supported by documented retail transactions, influencing future assessments of compensation plans.

Economic realities

Industry scale and growth metrics

The global direct selling industry, predominantly comprising operations, recorded retail sales of $167.7 billion USD in 2023, a decline of 2.3% from $171.6 billion in 2022 when adjusted to constant 2023 USD. This followed pandemic-era expansion, with sales rising from $166.5 billion in 2019 to approximately $173.4 billion in before contracting amid post-recovery normalization and inflation pressures. In the United States, the largest market, retail sales totaled $36.7 billion in 2023, down from prior years but still accounting for over 20% of global volume. Active independent distributors numbered around 103 million worldwide in 2023, concentrated in (over 60% of total) and reflecting a dip from 119 million in 2021. The U.S. supported roughly 5 million participants, with services like products driving category-specific gains of 3% despite overall sales contraction. Historical growth averaged 4-6% annually pre-2020, fueled by recruitment in emerging economies, but 2022-2023 saw negative year-over-year changes of 1-2% globally due to , competition, and reduced . Market analyses project a (CAGR) of 5.4-6.7% through 2030, potentially reaching $322-328 billion, predicated on digital adaptation and health-focused sales in regions like and ; however, these estimates originate from industry-aligned forecasters and may not fully account for dropout rates exceeding 50% annually among distributors.

Distributor income distributions

Income distributions among multi-level marketing (MLM) distributors are highly skewed, with a small fraction at the top capturing the majority of commissions while the vast majority earn little to no net income after accounting for expenses. A 2024 Federal Trade Commission (FTC) staff report reviewing 70 publicly available income disclosure statements (IDS) from MLMs, primarily covering 2021 data, found that in 33 disclosures, between 25% and 99.7% of participants earned $1,000 or less annually, equivalent to less than $84 per month. In 27 disclosures analyzed for zero earners, 3.6% to 90% reported no income, with most (17 of 27) exceeding 50% non-earners. These figures reflect gross commissions before deducting business expenses such as product purchases, membership fees, and marketing costs, which all 70 disclosures omitted from calculations; 50 disclosures noted this limitation, often in fine print. The skewness arises from rank-based structures where higher levels require substantial recruitment and sales volume, benefiting only top performers. For instance, medians in 21 disclosures ranged from $255 to $179,000 depending on rank, but overall participant medians were low due to exclusions: 41% of disclosures limited data to those receiving payments, and 34% to "active" participants (definitions varying, e.g., minimum purchases). Top earners, such as those in elite ranks, could average over $1 million annually in outliers, comprising less than 0.01% of distributors, inflating averages without reflecting typical outcomes. Methodological issues, including annualizing sporadic earnings and ambiguous "active" criteria, likely overestimate regular incomes for most. Company-specific disclosures confirm this pattern. Amway's 2021 IDS reported average annual earnings before expenses of $14,251 for the top 10% of paid independent business owners (IBOs), with a of $4,478, but broader data indicate many IBOs earn far less, with overall averages skewed by inactivity exclusions. Herbalife's disclosures, scrutinized in actions, showed 87.5% of consultants earning a of $637 annually in gross commissions, excluding expenses that often exceed such amounts for lower tiers. Peer-reviewed analyses, such as Albaum and Peterson (2011), report mean gross incomes of $14,500 but medians of $2,500 across direct sellers, highlighting the disparity where recruitment-focused models concentrate earnings upward. Net profitability remains elusive for most, as unreimbursed costs—estimated at hundreds to thousands annually—turn gross figures negative, per guidance emphasizing realistic expense disclosure.

Factors influencing profitability

Profitability for (MLM) distributors hinges primarily on their capacity to build and maintain an active downline , as compensation structures typically allocate a larger share of earnings to commissions from recruits' rather than personal alone. Economic models indicate that while upper-level distributors derive from , lower-level participants rely more on , with benefits constrained by limits on depth, often capping at 6-9 levels under progressive schemes. Empirical analyses confirm that generates through new entrant fees and purchases, often surpassing , but this shifts focus away from sustainable , contributing to net losses for the majority. Direct product sales volume represents another core determinant, particularly for those unable to scale ; median distributor earnings stem predominantly from personal sales, underscoring the need for viable product demand and effective selling skills independent of expansion. However, high costs and requirements can erode margins, as distributors frequently purchase stock for resale or personal use, with profitability further diminished if products lack competitive pricing or broad appeal in external markets. Studies highlight that perceived product quality and personal selling abilities influence outcomes, though these are secondary to in most plans. Operational costs, including membership fees, training materials, and unsold inventory—often termed "inventory loading"—significantly impact net profitability, with many distributors incurring losses after expenses like $500 starter kits despite gross commissions. Timing of entry affects prospects, as early joiners benefit from unsaturated pools, while later entrants face , reducing downline potential. Company-specific elements, such as compensation plan design (e.g., unilevel vs. structures) and motivational incentives like bonuses for team milestones, can enhance earnings for top performers by fostering persistence and collaboration. Individual attributes, including leadership in team-building and access to support mechanisms like seminars or digital tools, correlate with higher motivation and thus sustained activity leading to profitability. Market conditions, such as competitive environments with elevated distribution costs, favor MLM models by enabling deeper hierarchies, though this advantage dissipates in low-cost retail settings. Overall, these factors interact causally: robust recruitment amplifies sales leverage, but without offsetting costs and genuine product velocity, even large networks yield minimal net gains for most participants.

Criticisms and risks

Financial loss prevalence

A report examining 70 income disclosure statements found that the vast majority of participants across analyzed companies earned $1,000 or less annually before deducting expenses, equivalent to less than $84 per month on average. In 33 such statements, the percentage of participants earning $1,000 or less ranged from 25% to 99.8%. Across 27 disclosures providing data on zero earnings, 3.6% to 90% of participants received no commission payments whatsoever, with the figure exceeding 50% in 17 cases. These reported earnings consist solely of gross commissions and exclude retail sales in many instances, while failing to subtract participant expenses such as mandatory product purchases, recruitment-related , marketing materials, and membership fees. No disclosure in the sample fully accounted for all such costs, though one example illustrated potential losses: in a given MLM, 78.69% of participants earned zero commissions yet paid average monthly fees of $19.95. Only a single disclosure provided net profit data—after subtracting non-commissionable purchases averaging $30 annually—revealing that 31.3% of participants had negative net profits and 85.3% had net profits of $1,000 or less. Survey data corroborate the prevalence of losses when expenses are considered. A 2018 AARP Foundation study of over 1,000 current and former MLM participants found that 47% reported net financial losses, 27% broke even with no profit, and only 25% achieved any profit. In a of Hi-Tech Marketing, Bosley and McKeage reported in 2015 that 94% of participants incurred average net losses of $260, with top earners capturing nearly half of total payouts. Such patterns arise from structural incentives prioritizing over , leading to inventory accumulation and sunk costs for most participants who fail to build viable downlines.

Structural flaws and saturation

Multi-level marketing (MLM) compensation structures typically allocate earnings from both personal product and commissions on downline recruits' activities, creating incentives to prioritize over to achieve higher ranks and thresholds. This reliance on expanding networks fosters pyramid-like dynamics, where profitability for upper levels depends on continuous influxes of new participants paying entry fees or purchasing inventory, rather than sustainable demand. () guidance identifies such emphasis on as a hallmark distinguishing lawful from illegal schemes, yet even compliant plans exhibit inherent tensions due to finite markets. A core structural flaw arises from the recruitment required to sustain downline growth, which inevitably collides with market saturation in a world of limited and . In models where each participant must recruit a fixed number (e.g., two in plans) to advance, participant numbers double per level, yielding : after 10 levels, over 1,000 recruits; by level 20, over one million; and by level 30, exceeding global estimates of 8 billion. This mathematical inevitability—rooted in the finite supply of potential recruits and customers—renders long-term viability impossible without perpetual expansion, leading to diminished opportunities for later entrants who face exhausted local networks and heightened competition. Empirical observations confirm this: MLM participant rates often exceed 50% annually, as saturated regions yield fewer viable prospects, forcing reliance on overlapping social circles or geographic expansion that dilutes returns. Income disclosure data from MLM firms underscores saturation's impact, with earnings heavily skewed toward a minuscule top tier while the base incurs losses. A 2024 FTC staff review of 70 MLM income statements found that in disclosures providing such metrics, up to 99.6% of participants earned $1,000 or less annually, with medians often below $1,000 and many at zero after excluding inactives; net figures, unadjusted for expenses like mandatory purchases (e.g., $20 monthly fees), likely reflect widespread losses for over 90%. Analyses of these disclosures estimate that 99% of participants experience net financial losses, attributable to bottlenecks rather than failures, as top earners (less than 1%) capture disproportionate shares via entrenched downlines built early. This distribution persists across firms, evidencing how structural dependence on endless chains undermines broad profitability, with later joiners unable to replicate early movers' advantages amid saturated pools.

Ethical and social concerns

Multi-level marketing (MLM) operations frequently exploit participants' personal social networks for , pressuring individuals to approach , family, and acquaintances with sales and enrollment pitches, which often results in damaged relationships and emotional distress when recruits experience financial losses or reject overtures. This reliance on interpersonal trust transforms social bonds into transactional tools, leading to isolation from skeptics and heightened guilt among participants who feel responsible for others' involvement. MLMs disproportionately recruit women, who comprise approximately 75% of U.S. participants and 85% globally, often flexible opportunities to caregivers and those seeking supplemental income amid gendered economic pressures. Empirical analysis of an settlement dataset reveals higher MLM participation rates—and associated losses—in counties with elevated shares of adult women and , correlating with factors like labor market non-participation among women (coefficient 0.45) and Hispanic populations (2.25 for women specifically). Such targeting extends to minorities and low-income communities, where promises of mask predatory tactics like inventory loading and withheld income disclosures, exacerbating vulnerabilities in groups with lower or . Psychologically, MLM engagement mirrors dynamics through emotional manipulation, thought-stopping techniques, and attribution of to individual shortcomings rather than structural incentives, fostering persistence despite minimal —such as less than $650 annually for 87.5% of distributors in one major firm. Participants face via curated online communities and aversion to sunk-cost fallacies, which deter exit and amplify upon disillusionment, particularly when alienates support networks. Broader social repercussions include community-level erosion of trust, as repeated cycles in tight-knit groups like religious or immigrant yield widespread debt and interpersonal conflicts, with limited regulatory safeguards allowing these harms to persist unchecked. While advocates emphasize , indicates that ethical lapses in and prioritize upline gains over participant welfare, contributing to systemic .

Achievements and defenses

Successful enterprise models

Successful multi-level marketing enterprises sustain profitability by prioritizing retail product sales to non-participants over recruitment incentives, aligning with guidelines that distinguish legitimate operations from pyramid schemes through verifiable consumer demand and transparent cost disclosures. These models emphasize consumable goods in categories like , , and personal care, fostering repeat purchases that generate steady revenue streams independent of network expansion. Global diversification mitigates market saturation risks, with top performers leveraging established brands and distributor training to maintain compliance and operational efficiency. Amway exemplifies this approach, reporting $7.7 billion in global sales for 2023, down 5% from 2022 but supported by a diverse portfolio including nutritional supplements and home care items sold across over 100 countries. Its longevity since 1959 stems from product innovation and a focus on retail velocity, where independent business owners emphasize end-user sales to build sustainable downlines. Herbalife, another leader, achieved $5.1 billion in net sales for 2023, primarily from weight management and protein supplements, with success attributed to data-driven marketing and strong retention in health-focused markets. Both companies disclose average distributor earnings transparently, countering criticisms by highlighting that enterprise viability rests on broad product appeal rather than universal participant profitability.
Company2023 Revenue (USD)Core Product FocusKey Model Strength
$7.7 billionNutrition, home careGlobal scale, repeat sales
$5.1 billionSupplements, wellness, nutritional demand
Nu Skin$2.0 billionSkincare, anti-agingInnovation in personal care
$3.1 billionBeauty, sustainabilityEco-friendly appeal in emerging markets
Data derived from company filings and industry rankings, illustrating models where revenue exceeds $2 billion annually through product-centric strategies rather than alone. Factors like robust supply chains and regulatory adherence further enable , as seen in Natura &Co's emphasis on sustainable sourcing, which supports long-term resilience in competitive direct environments. While participant varies, these enterprises demonstrate viability via empirical metrics and adaptation to consumer trends, such as rising demand for health products post-2020.

Contributions to direct sales

Multi-level marketing (MLM) emerged as a pivotal within direct sales during the mid-20th century, introducing tiered compensation plans that rewarded distributors not only for personal sales but also for and downline performance, thereby enabling exponential expansion of sales networks. This model traces its origins to , when (later acquired by ) implemented an unlimited structure for distributing nutritional supplements, marking the first widespread use of multi-level incentives in . By 1959, formalized and scaled this approach across diverse product lines, transforming direct sales from primarily single-level, door-to-door efforts—pioneered as early as 1855 by figures like Rev. James Robinson Graves—into a networked, entrepreneurial system capable of mobilizing thousands of independent contractors. By the 1950s, MLM's adoption drove dramatic growth in the sector, with network marketing becoming integral to the industry's entrepreneurial ethos and accounting for over 95% of member firms in associations like the () by the early 21st century. This structure facilitated low-barrier entry for participants, particularly in post-World War II economies, allowing flexible, home-based selling that bypassed traditional infrastructure and advertising costs. In the U.S., where generated $40.5 billion in sales in 2022, MLM models underpinned much of this volume by leveraging personal networks for product in categories like , , and personal care. Globally, the channel reached $167.6 billion in 2023, with MLM enabling penetration into emerging markets such as , where recruitment-driven scaling outpaced conventional direct sales. MLM's contributions extend to economic multipliers, with the estimating a $111.4 billion annual impact on the U.S. economy in 2022 through induced , , and supplier activity, largely via the decentralized forces it fosters. Unlike pure single-level direct , MLM's emphasis on team-building has sustained long-term retention in competitive markets, promoting innovations like training systems and digital tools for virtual selling. These elements have preserved direct ' relational core—face-to-face demonstrations and trust-based transactions—amid e-commerce shifts, supporting sustained consumer reach for niche products.

Counterarguments to pervasive failure claims

Proponents of multi-level marketing (MLM) contend that claims of pervasive overlook the part-time nature of most participation, where distributors often seek supplemental income, product discounts, or flexible side opportunities rather than full-time replacement earnings. A 2025 study surveying over 13,000 direct sellers found that 81% joined primarily to share products they valued, with 81% of women citing access to discounts as a key motivator, and median participants listing seven reasons for involvement including career flexibility. This aligns with (DSA) data indicating that 71% of U.S. direct sellers are women, many balancing family and other work, and that the channel generated $40.5 billion in retail sales in 2022, reflecting sustained consumer demand rather than collapse. Critics' focus on net losses, they argue, ignores that many achieve non-monetary benefits like inventory used personally at wholesale prices, effectively reducing household costs without expecting high commissions. Self-reported metrics from participants challenge the narrative of universal failure, with 45% of current direct sellers in the Edgeworth study rating themselves as successful in their roles, and over 75% reporting gains in business, professional, and personal skills that enhanced performance in subsequent non-MLM jobs (84% agreement). Additionally, 82% of MLM participants surveyed by the in 2022 indicated they would recommend their company to others, suggesting satisfaction among active members despite low median gross incomes (e.g., $2,500 annually per Albaum and Peterson's analysis of industry data). Proponents attribute this to motivational factors like team-building and incentives, which links to sustained engagement in developing markets where intrinsic rewards (e.g., ) drive retention over pure financials. High rates, often cited as evidence of inherent flaws, are reframed by analyses as comparable to other entrepreneurial ventures with steep learning curves, where first-year turnover exceeds 50% due to mismatched expectations or insufficient commitment rather than structural deceit. The Edgeworth study notes that leavers frequently do not attribute exit to company faults, and turnover stabilizes as skills develop, mirroring small business survival patterns (e.g., 20% U.S. startups fail in year one, per ). In non-competitive markets, economic models demonstrate MLM viability through recruitment balanced by retail sales, with profitability for committed distributors exceeding median wages in flexible models. The channel's $111 billion U.S. economic impact in , including $15.5 billion in taxes, underscores systemic contributions that belie claims of predominant victimhood, as voluntary participation and low entry barriers enable broad access to . While income disclosures reveal skewed distributions favoring top tiers, defenders emphasize that success correlates with effort and recruitment efficacy, akin to commission-based sales industries, and that regulatory scrutiny (e.g., FTC guidelines) affirms legitimacy when retail outweighs internal consumption. Albaum and Peterson's objective review posits MLM as a valid distribution channel when focused on genuine product movement, countering pyramid analogies by highlighting infinite market potential via external sales growth. These arguments, drawn from industry-commissioned but data-driven surveys, prioritize participant agency and skill acquisition over aggregate loss statistics, though independent verification of net profitability remains limited.

Notable examples

Pioneering firms

Nutrilite Products, Inc., established in 1934 by Carl F. Rehnborg in , , is widely regarded as the originator of the model. Rehnborg, influenced by observations of nutritional deficiencies during his in the and , began experimenting with dehydrated vegetable concentrates to create dietary supplements, marking an early emphasis on health products in direct distribution. The company's initial sales relied on personal networks, but by 1945, it formalized a compensation structure allowing distributors to earn commissions not only from their own sales but also from the sales volumes of recruited downline participants, establishing the core mechanic of unlimited recruitment levels that defines MLM. This "endless chain" plan was refined in collaboration with key distributors Lee S. Mytinger and William S. Casselberry, who scaled 's network to over 100,000 participants by the late through aggressive and motivational . The model incentivized building personal organizations, with top distributors receiving overrides on multiple levels of subordinates' , fostering potential. However, rapid expansion drew regulatory attention; in 1948, the U.S. seized Nutrilite shipments for unsubstantiated therapeutic claims, highlighting early tensions between MLM and laws. Despite challenges, Nutrilite's framework demonstrated viability for bypassing traditional , influencing subsequent firms. Amway Corporation, launched in 1959 by and in Ada, , emerged directly from the ecosystem, as both founders had been high-ranking distributors since 1949. Amway expanded the MLM paradigm beyond supplements by offering a broader catalog of household cleaners, soaps, and consumer goods, starting with its flagship Liquid Organic Cleaner. To address concerns post-Nutrilite's issues, Amway incorporated retail pricing requirements and balanced incentives between personal sales and , which helped it withstand a 1975 investigation that ultimately ruled in its favor. By emphasizing product quality and distributor education—through tools like taped motivational speeches and business seminars—Amway grew to over 100 countries, generating $8.9 billion in annual sales by 2012 and solidifying MLM as a scalable enterprise form. These firms laid the groundwork for MLM's distinction from single-level , such as that practiced by earlier companies like (founded 1886) or Madam C.J. Walker Manufacturing (1905), which focused on agent commissions without deep recruitment hierarchies. Nutrilite and Amway's innovations prioritized network leverage, enabling low-barrier entry for independent contractors while shifting risk to participants through inventory purchases, a causal dynamic that propelled industry adoption despite inherent saturation limits.

Contemporary leaders

Amway remains the largest company globally, reporting $7.4 billion in for 2024, a 3% decline from the prior year but maintaining its top position for the 13th consecutive year. Headquartered in Ada, , Amway operates in over 100 countries with more than one million independent business owners, primarily distributing , , personal care, and home products through a tiered structure rewarding and . Despite revenue pressures from market saturation and regulatory scrutiny in some regions, Amway's verified financials underscore its enduring scale in the sector. Herbalife Nutrition, a U.S.-based firm focused on , nutrition supplements, and personal care, generated approximately $5.0 billion in net sales for 2024, reflecting a slight 1.4% decrease year-over-year amid foreign exchange headwinds and distributor adjustments. Operating in over 90 countries with millions of distributors, Herbalife's model emphasizes product clubs and incentives, though it has faced legal challenges alleging pyramid-like operations, which the company disputes by highlighting retail sales volumes exceeding 80% of total revenue in audited periods. Its verified revenue positions it as a key contemporary player, particularly in health and wellness niches. Natura & Co, the Brazilian cosmetics and personal care giant, achieved $4.2 billion in consolidated net revenue for 2024, marking a 21.5% increase driven by Latin American expansion and Avon integration post-acquisition. With over 1.7 million consultants worldwide, Natura emphasizes sustainable sourcing and direct sales in beauty products, ranking among the top MLMs by leveraging regional dominance in emerging markets while adapting to digital tools for distributor recruitment. Other prominent contemporary MLMs include Vorwerk (Germany), with $4.1 billion in verified revenue from household appliances like the sold via in-home demonstrations, and (), reporting $3.22 billion through premium nutrition lines marketed aggressively in Europe and . These firms exemplify ongoing in product niches and compensation plans, sustaining operations amid industry-wide recruitment difficulties and consumer shifts toward .
RankCompany2024 Revenue ($M)Primary ProductsKey Markets
17,400 (verified), Global, esp. ,
25,000 (verified)Supplements, weight managementGlobal, esp. Americas
34,200 (verified)Cosmetics, beauty,
4Vorwerk4,100 (verified)Appliances, cleaning,
53,220 (verified), ,

Failed or sanctioned entities

In 2013, the U.S. obtained a court order shutting down Fortune Hi-Tech Marketing (FHTM), a company that recruited participants to sell products from third-party providers like while emphasizing recruitment bonuses, which the determined constituted an illegal ; the operators were banned from and ordered to pay over $7 million in redress, though much was unrecoverable due to insolvency. BurnLounge, launched in 2003 as a music download platform, faced action in 2007 for operating as a by prioritizing over product sales; a 2014 federal court ruling upheld the pyramid designation, resulting in a $1.9 million monetary judgment against the company, which ceased operations following the enforcement. The 's 2019 settlement with International resolved allegations that the nutritional supplements firm functioned as a by rewarding over retail sales; the company paid $150 million for consumer redress—primarily through disgorgement of profits—and its leadership was permanently banned from activities, effectively ending its MLM model. In January 2020, a federal court granted the 's request for a temporary shutdown of Success By Health, an MLM promoting as a weight-loss aid, after determining it operated as a focused on recruitment; the company dissolved amid the litigation, with operators facing bans and asset freezes to facilitate redress. More recently, Modere, a and personal care MLM founded in 2002, abruptly ceased operations in April 2025, citing unspecified challenges following legal setbacks including class-action lawsuits over product claims and compensation; the shutdown left thousands of independent s without inventory access or commissions, exacerbating financial losses in a model already strained by market saturation. These cases illustrate patterns where regulatory scrutiny targets MLMs for unsustainable recruitment-driven revenue, often leading to operational collapse when retail sales fail to predominate, as required under FTC guidelines distinguishing legitimate direct selling from pyramids.

Societal and cultural dimensions

Demographic participation patterns

Multi-level marketing (MLM) participation exhibits distinct demographic patterns, with women comprising the majority of participants. According to a 2018 AARP Foundation study, 60% of MLM participants are female compared to 51% of non-participants, a disparity attributed to targeted recruitment emphasizing flexible work for caregivers. Industry reports from the Direct Selling Association indicate that women account for 74-75% of direct sellers globally and in the U.S. as of 2020-2022, often in wellness and beauty product lines. Married individuals are also overrepresented, with 72% of participants married versus lower rates among non-participants, correlating with appeals to supplemental family income. Age demographics skew younger among entrants, with nearly half (48%) of first-time U.S. participants aged 18-25 and an average entry age of 29 years per the study. Globally, direct selling data from 2021 shows 9% of participants aged 18-24 and 21% aged 25-34, reflecting recruitment via social networks popular among and Gen Z. Racial and ethnic composition in the U.S. mirrors broader population trends but with variations; survey data reports 63% non- White, 13% Black, and 17% participants. Higher county-level shares of adults correlate with elevated MLM participation rates, potentially linked to community networks and economic opportunities in immigrant-heavy areas. Education levels exceed national averages, with 66% of participants holding some college or a compared to 60% of non-participants. Socioeconomic patterns indicate stronger participation in middle-income regions rather than extremes of or affluence, as evidenced by spatial analyses of U.S. counties. This aligns with MLM appeals to those seeking side income without high barriers, though empirical data underscores recruitment via social ties over isolated economic desperation.

Media portrayals and public perception

Media portrayals of (MLM) have largely emphasized its risks and parallels to schemes, focusing on participant financial losses and pressures rather than success stories. A 2016 Last Week Tonight segment by critiqued prominent MLMs like and , arguing their compensation structures prioritize over retail sales, with 99% of participants losing money based on company disclosures. Similarly, the 2021 Amazon docuseries exposed LuLaRoe's operations through lawsuits and former distributors' testimonies, depicting it as a scheme that generated over $1 billion in revenue from 2012 to 2018 while leaving most sellers in debt from unsold inventory and fees. These narratives often highlight targeting of vulnerable demographics, such as stay-at-home mothers, via promises of flexible income, though data shows median annual earnings below $1,000 for most after expenses. Public perception mirrors this , with surveys revealing low and associations with scams. A nationwide U.S. survey of over 1,000 adults found 60% viewed MLMs unfavorably, citing concerns over deceptive income claims and high failure rates, though familiarity varied by demographics like age and income. A 2018 survey indicated 73% of MLM participants either lost or broke even, fueling broader skepticism that influences non-participants' opinions. platforms like and have amplified exposés, with anti-MLM communities sharing "horror stories" of and fallout, contributing to a cultural shift where terms like "" denote aggressive recruiters. While some outlets distinguish legitimate direct sales from recruitment-focused models per guidelines, of 70-99% loss rates across major firms dominates discourse, eroding credibility despite industry lobbying. Mainstream critiques, though sometimes sensationalized, align with regulatory findings rather than unsubstantiated optimism, as participant attrition exceeds 50% annually in analyzed disclosures. Positive self-portrayals on platforms like —showcasing luxury lifestyles—contrast sharply with verified outcomes, fostering perceptions of deception. The global (MLM) industry has exhibited steady expansion over the past decade, with market valuations rising from approximately USD 190 billion in 2024 to projections of USD 294 billion by 2033, reflecting a (CAGR) of around 5-6%. In the United States, revenue—a category encompassing MLMs—reached an estimated USD 75.2 billion in 2025, following a 5% CAGR over the prior five years, driven by factors such as integration and product demand. This growth trajectory persists amid digital shifts, including AI-assisted recruitment, for transparency, and social media-driven sales, which have accelerated post-2020 adoption of virtual events and mobile platforms. Long-term participant outcomes reveal persistent financial challenges, with empirical analyses indicating that the majority experience net losses rather than sustainable gains. A 2022 study using (FTC) settlement data found higher refund claims—proxying for losses—in regions with elevated median incomes and lower female labor force participation, suggesting targets vulnerable demographics prone to prolonged involvement without proportional returns. reviews of 70 MLM income disclosure statements in 2024 confirmed that typical earnings remain minimal, often below USD 84 per relevant period for most distributors, underscoring that recruitment-heavy models yield limited retail profitability over time. Peer-reviewed models further demonstrate that even in competitive markets, MLM structures favor early entrants, leading to and high rates—often exceeding 90% within years—for later participants. Regulatory frameworks have evolved toward greater globally, prioritizing over to mitigate pyramid-like risks. The FTC's 2024 updated guidance emphasizes verifiable claims and anti-deception measures, building on decades of enforcement actions that distinguish legitimate MLMs from schemes by requiring product-focused revenue streams. Internationally, jurisdictions like and have imposed bans or strict caps on levels since the 2010s, while the enforces directives mandating transparent disclosures, contributing to a long-term trend of compliance burdens that filter out unsustainable models. These changes correlate with reduced proliferation of failed entities, though enforcement gaps persist in less-regulated markets. Societally, MLMs have entrenched patterns of uneven wealth distribution, with sustained participation linked to psychological factors like , which predicts both entry and amplified losses among adherents. Over decades, this has fostered trends toward diversified models—such as hybrid affiliate systems adopted by firms like Beachbody in 2024—potentially stabilizing the sector by reducing reliance on endless recruitment chains, though core incentives remain recruitment-dominant in most operations. Overall, while aggregate sales grow, individual trajectories highlight causal risks of debt accumulation and opportunity costs, tempered by niche successes in product-driven niches.

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