It seems like the only community not questioning Substack these days is fashion influencers, who are seemingly making more money than ever. At the same time, to hear some tell it, they’re relying less on Instagram to do so. The handful I’ve spoken to in recent weeks have migrated much of their affiliate-revenue efforts to the newsletter platform out of frustration with Instagram’s algorithm, which they say has a habit of unexpectedly shifting the kinds of content the app favors. (A source at Instagram said the company hasn’t recently made major changes to the algorithm, but that posters may have experienced decreased reach as more users have joined the platform.)