Fashion influencers are changing where they make money. The shift is happening quietly, but it’s significant. Creators who built their businesses on Instagram and LTK are moving revenue streams to Substack and ShopMy.
The affiliate economy is now worth over $17 billion. Two platforms dominate fashion: LTK, the incumbent that’s been around since 2011, and ShopMy, the four-year-old challenger growing at 200% year-over-year.
For fashion brands working with influencers, understanding this shift matters. Where creators monetize determines where your partnership dollars should go. The platform battle between LTK and ShopMy highlights the shift from algorithm-dependent platforms to owned audience channels.
The Numbers
LTK drives $4.1 billion in trackable annual sales across 40 million monthly users. The platform works with over 5,000 retailers and supports more than 200,000 creators globally. The platform claims that several hundred creators earn seven-figure annual incomes through LTK.
ShopMy hit $1.5 billion valuation in October 2024 after raising $70 million. The platform’s revenue grew 200% year-over-year, and it now works with 185,000 creators including Karlie Kloss and Meghan Markle. Over 600 brands subscribe to ShopMy, paying between $1,000 and $7,000 per month for access to creator data and partnership tools.
The growth trajectories indicate that LTK is established and stable, whereas ShopMy is capturing share rapidly.
Why Creators Prefer ShopMy + Substack
Fashion influencers report frustration with Instagram’s algorithm. Reach drops unexpectedly. Content that worked last month stops working this month. The platform says nothing major has changed, just more users joining, which dilutes individual reach. But the trust is eroding.
When your business depends on algorithm-determined reach, unpredictability kills revenue. Creators are moving to platforms they control because email lists don’t filter who sees their content. Substack doesn’t decide which subscribers get the newsletter. The creator owns the relationship directly, and that ownership creates more predictable revenue than what Instagram currently pays.
ShopMy integrates seamlessly with Substack. Creators can embed affiliate links in newsletters without friction. The user experience feels native: readers click, buy, and creators earn commissions. LTK’s integration with Instagram, by comparison, feels clunkier. The platform was built for Instagram’s ecosystem, and as creators migrate to newsletters, that advantage becomes a liability.
The shift is all about independence. Instagram followers belong to Instagram. Email subscribers belong to you. I watched a powerful video by Alex Hormozi, who emphasized that you need email and never rely on a platform. I went through this when I lost my TikTok. The platform has horrible customer service and was flagged for an error. The entire platform, gone. As I went through this experience, I started talking to influencers who made their living off their followers, only to have to restart from scratch, and dare I say, get a job.
When the platform changes rules or algorithm weights, your Instagram audience becomes less valuable overnight, whereas your email list stays yours.
Fashion influencers learned this lesson first because they’re affiliate-dependent and algorithm-sensitive. Other verticals will follow.
Platform Comparison: What Each Does Better
LTK’s Advantages
LTK has scale. Over 5,000 retail partners mean creators can promote almost any product. The platform’s 13+ years of performance data helps brands identify which creators drive sales, not just engagement. Commission rates average 10-25%, with top performers reaching 30%.
The platform offers extensive creator support. Education resources, virtual events, and growth tools help influencers build sustainable businesses. LTK’s consumer app has 40 million monthly users, a built-in audience that amplifies creator reach beyond their own followers.
For brands, LTK provides white-glove service through LTK Optimize. Senior strategists use historical data and AI tools to achieve specific KPIs. The platform measures double-digit improvements in boosted posts versus brand ads in direct comparisons.
ShopMy’s Advantages
ShopMy offers transparency that LTK doesn’t. Brands get real-time data showing which creators drive traffic and sales. Creators see which partnerships resonate with their audience. This visibility lets both sides optimize continuously.
The platform’s “Lookbooks” feature streamlines gifting. Brands send requests, creators choose products that fit their aesthetic. Since launching, Lookbooks facilitated over $2 million in gifted items in four months.
ShopMy’s newest tool, “Opportunities,” connects brands and creators for events and campaigns beyond standard affiliate posts. The feature generated over $2.2 million for brands in its first two months with 5x average ROI.
Commission rates range 10-30%, comparable to LTK. But ShopMy’s storefront design is cleaner and more minimalist. The interface prioritizes user experience over functionality density. For creators, simplicity matters.
The platform’s growth numbers reveal market validation. Revenue surged 650% in 2024. Brand applications increased 244%. Following the Series B funding announcement, new brand subscriber applications increased by 63%.
The Integration Difference
The critical advantage is integration. LTK is built for Instagram’s ecosystem. ShopMy is built for wherever creators work—Instagram, TikTok, Substack, Pinterest.
As creators diversify platforms, ShopMy’s flexibility becomes more valuable. You can use ShopMy links anywhere. LTK works best within its own app and Instagram. That constraint matters as newsletter-based monetization grows.
The Substack Factor
Fashion influencers moving to Substack aren’t abandoning Instagram but rather separating awareness from monetization.
Instagram builds an audience, whereas Substack converts audience into revenue. The strategy is to use social platforms to attract followers, then migrate them to owned channels where you control monetization.
This mirrors what happened to blogs a decade ago. Bloggers built audiences on their sites, then social platforms promised easier reach. Many moved content to Facebook and Instagram, but when algorithms changed, they lost control of distribution.
Smart creators learned to rent attention on platforms you don’t control and own conversions on platforms you do.
Substack represents owned distribution. Your subscribers receive emails directly. No algorithm determines if they see your content. You set pricing, and you keep most revenue (Substack takes 10%). The platform can’t decide you’re less valuable and reduce your reach.
For affiliate marketing, this independence matters. Instagram can deprioritize shopping content tomorrow, but Substack can’t stop you from including affiliate links in newsletters. The revenue stream is more stable because it’s less dependent on platform decisions.
What Fashion Brands Should Do
If you’re working with influencers
Stop assuming Instagram followers equal sales. Track where your top-performing partnerships convert. You might discover a creator with 50K Instagram followers drives more revenue through their 5K-subscriber newsletter.
Ask influencers directly which platform generates better conversions for them. Their answer might surprise you. Many see higher cart values and conversion rates from newsletter audiences than Instagram audiences.
Test both LTK and ShopMy. Run parallel campaigns with similar creators on each platform. Track not just sales volume but customer acquisition cost, average order value, and repeat purchase rate. The platform that drives cheaper, higher-value, more loyal customers wins regardless of total volume. I’ve seen brands outperform on both, so doing the test is something I always recommend.
Consider Substack newsletter partnerships beyond Instagram posts. Sponsoring a fashion newsletter might cost less than an Instagram campaign while driving better-qualified traffic. Newsletter audiences self-select by subscribing; they’re more engaged than casual Instagram followers.
If you’re building affiliate strategy
Diversify across platforms. Don’t rely solely on one. LTK’s scale protects against sudden changes, but ShopMy’s growth trajectory and creator preference suggest it’s capturing future share.
Follow the migration. Where influencers move, spend follows. If your top creators start talking about Substack and ShopMy, that’s your signal to test there.
Prioritize platforms with owned audiences. Newsletter-based affiliate partnerships are more algorithm-proof than social-based ones. The shift from rented attention (Instagram) to owned attention (email) is structural, not cyclical.
Integration matters more than you think. Platforms that make affiliate marketing seamless get used more. ShopMy’s clean interface and easy embedding mean creators actually use the links. Friction kills conversion.
Growth rate matters more than current scale. LTK drives $4.1B annually. ShopMy is smaller. But ShopMy’s 200% growth versus LTK’s steady-state suggests future market dynamics favor the challenger.
This shift reveals that creators are leaning towards platform independence. Fashion influencers are migrating revenue streams to platforms they control, and fashion brands should apply the same logic.
Thanks for reading today,
Xx Camille
As always, I love helping small businesses win, whether that’s through my self-paced Social Media Masterclass here or through a 1:1, Direct discovery or working with my agency.
If you want to listen to this weeks podcast episode head to Art of the Brand on all streaming platforms!
Not everything you wrote is true. ShopMy has often higher commission, but links don’t work everywhere. They don’t work on Pinterest - tag product feature. Also LTK has the feature that allows you to make shoppable collages.
Great story.