GBR Tuesday | Who Sells Golf Gear Now? What Brands, Coaches, and Retailers Need to Know About Golf’s Affiliate Revolution
Every Tuesday and Friday Morning, We Bring You the Ten-Minute Summary of What Happened Last Week in the Golf Industry While you Were Golfing.
Morning GBR Family!
Our headline story today is a must-read: a deep dive into how affiliate marketing is reshaping golf’s retail supply chain. But first, the results from Q1 2025—the quarter global trade cracked—start arriving tomorrow, led by golf’s top equipment giants.
So let’s begin with a quick look at the latest moves across the industry.
Industry
Circuits
Equipment
People to Watch
Must Read and Watch
Just for Paid Subscribers: The New Playbook for Golf Retail: How Affiliate Sales Are Redrawing the Map.
1. INDUSTRY
ACUSHNET EARNINGS: WHAT TO EXPECT FROM GOLF’S LEADING EQUIPMENT MAKER
The results from this turbulent first quarter of 2025—the same period when global trade unraveled—will begin to surface tomorrow, starting with two of the golf equipment industry’s biggest players. Here’s what analysts expect:
Acushnet Holdings Corp. (NYSE: GOLF), the parent company of brands like Titleist, FootJoy, Vokey Design, and Scotty Cameron, will report its first-quarter 2025 earnings tomorrow, May 7, before the market opens. Analysts expect the company to post revenues of $698.2 million, a 1.3% decline year-over-year, contrasting with the 3.1% increase it reported during the same period last year. Adjusted earnings are forecast at $1.36 per share, reflecting a slight year-over-year decline in profitability. Acushnet missed Wall Street's revenue estimates by 2.1% last quarter but surpassed EPS and EBITDA expectations, reporting a 7.8% increase in revenues to $445.2 million.
Despite the slight revenue contraction expected this quarter, investor sentiment for Acushnet remains positive. The stock has risen 11.4% over the past month, compared to a 9.2% average increase in the broader leisure products sector. Analysts have maintained their estimates for the company, suggesting they expect Acushnet to remain stable despite external challenges, including supply chain issues and rising consumer caution. With shares trading at $65.76, below the average analyst price target of $69.29, investors will be paying close attention to the company’s guidance and any updates on product launches or international sales performance during the earnings call.
Topgolf Callaway Brands (NYSE: MODG), which owns Topgolf, Callaway Golf, Odyssey, TravisMathew, and Jack Wolfskin, will release its Q1 results on Monday, May 12, after the close. The company will hold a webcasted earnings call at 5:00 PM ET, accessible via its investor relations site. MODG continues to face scrutiny as it integrates the Topgolf business and seeks margin recovery across its portfolio. With consumer spending tightening, the company’s ability to drive growth in both entertainment and equipment segments will be a key focus in next week’s results.
ERNIE ELS JOINS JONDO AS INVESTOR IN PERFORMANCE EYEWEAR VENTURE. Four-time major winner Ernie Els is now a stakeholder in JONDO, the golf-focused eyewear brand he began endorsing in 2024. After first trying the sunglasses at the SAS Championship, Els cited their clarity and comfort as key reasons behind his decision to invest. The partnership also supports The Els for Autism Foundation, with JONDO planning further initiatives tied to the cause.
DUININCK GOLF ACQUIRES UNITED GLI TO STRENGTHEN US NATIONAL IRRIGATION OPERATIONS. Duininck Golf has acquired United GLI, a long-established specialist in golf irrigation services, in a move that expands Duininck’s footprint and capabilities across the U.S. Duininck Golf, founded in 1988 as part of a fourth-generation construction group, is nationally recognized for course builds, renovations, and irrigation work. United GLI, led by Tony Cunzio, has built a reputation for its irrigation expertise across renovation and new construction projects.
TAYLORMADE SIGNS LICENSING DEAL WITH NFL TO LAUNCH TEAM-BRANDED GOLF BALLS. The collaboration launched during the NFL Draft with team-themed SpeedSoft Ink and TP5/TP5x MySymbol golf balls, featuring designs from franchises like the Chiefs, Patriots, Eagles, and Cowboys. More products are expected later this year as the football season approaches, with TaylorMade framing the deal as a way to tap into the deep crossover between golf enthusiasts and NFL fans.
2. CIRCUITS
MCILROY LAUNCHES SPORTS INVESTMENT FUND AND STEALS SPOTLIGHT ON TVR
Fresh off his long-awaited Masters victory, Rory McIlroy is expanding his presence in the business world. The four-time major winner and his company, Symphony Ventures, have partnered with global private equity firm TPG to launch TPG Sports, a new investment fund focused on the global sports industry.
McIlroy and his longtime manager and business partner Sean O’Flaherty will serve as operating partners for the fund. According to the announcement, TPG Sports will invest in sports-related companies, leagues, and teams, with the goal of helping them scale through access to capital and operational support. The fund has already secured an anchor commitment from Lunate, an investment vehicle based in Abu Dhabi.
TPG, a U.S.-based firm managing $246 billion in assets, is already active in the entertainment and sports sectors. Its portfolio includes stakes in Creative Artists Agency (CAA) and DirecTV. The firm also partnered previously with McIlroy and O’Flaherty in an investment in Troon Golf, the leading global operator of golf courses and hospitality assets.
A GROWING INVESTMENT PORFOLIO. Under the Symphony Ventures umbrella, McIlroy has steadily built a portfolio that blends golf and broader entertainment ventures. His investments include:
Golf Genius, a tournament management software platform.
Puttery, a mini-golf and hospitality concept.
GolfPass, a subscription-based platform launched with NBC Sports.
TGL, a new technology-driven golf league co-founded with Tiger Woods and media executive Mike McCarley through TMRW Sports.
FROM GREEN JACKET TO GREEN ROOM. Following his Masters victory, McIlroy made several high-profile media appearances. He wore the Green Jacket on both The Tonight Show with Jimmy Fallon and the Today Show, while appearing in more formal attire for CNBC’s Squawk Box, where he joined TPG’s Sisitsky to discuss their new venture.
On Fallon, McIlroy reflected on the weight of joining golf’s most exclusive club.
“Tiger said, ‘Welcome to the club, kid.’ You know, there’s only six people who have ever achieved the Grand Slam in golf. Only four of us are living. So it’s really cool to be a part of.”
McIlroy also shared a humorous and touching moment from Masters week involving his daughter:
“Poppy came up to me one day and said, ‘Dada, why is your name not on the back of the T-shirt?’” referring to a children’s shirt listing past winners. “When I won I came back and said, ‘Poppy, my name is going to be on the back of the T-shirt.’”
Another memorable moment came from a surprise admirer:
“Sir Elton John. I haven’t been able to connect with him… His assistant left me a voicemail and said Sir Elton would love to congratulate you in person. The only problem is, he doesn’t have a cell phone… I just think it’s so cool, I mean, it’s Elton John. I didn’t even know that Elton John knew what golf was.”
Asked about his plans for the traditional Champions Dinner next year, McIlroy hinted at a personal favorite:
“I’ve been into like wild game recently, so like venison, elk, stuff like that. That sorta fueled this run, so maybe something like that.”
LIV GOLF HITS $674 MILLION IN NEW FUNDING AS PIF NEARS $5 BILLION SPEND
Saudi Arabia’s Public Investment Fund (PIF) has reinforced its financial commitment to LIV Golf, with new filings revealing that $674.3 million in fresh capital has been injected into the league in 2025 alone. That figure could rise to $1 billion by late summer, according to projections by our Substack neighbours Money in Sport.
The filings, uncovered through Jersey-based records and analyzed by Money in Sport (May 3), show that LIV Golf Investments (LGI) raised $330 million on January 16 and another $344.3 million on April 25. If a third round of funding—estimated at $330 million—follows in July or August, PIF's total outlay on LIV will approach $4.9 billion, keeping pace with earlier predictions that funding could hit $5 billion by year’s end.
The total authorized share capital of LGI now stands at $4.58 billion, up $1.9 billion since January 2024.
CONDITIONS BEHIND THE MONEY. According to the filings, PIF has placed clear conditions on its latest investments:
A minimum number of events played in 2025 – tied to the first six tournaments, including LIV Mexico City.
A revenue benchmark, with $82 million listed for January–October 2024. That figure—LIV’s first consolidated revenue disclosure—suggests full-year revenue around $100 million.
A finalized TV deal with Fox Sports covering 2025 and 2026.
Despite its visibility, LIV’s reported revenue is still relatively modest. By comparison, LIV Golf UK reported $37.1 million in 2023 revenue (excluding U.S. events), and Money in Sport estimates a 50/50 revenue split between U.S. and international events.
The Fox Sports deal, announced in January, replaces the widely criticized CW Network broadcast arrangement and is expected to lift viewership, though its impact on revenue remains uncertain.
STRATEGIC IMPLICATIONS. Golfweek’s Adam Schupak noted that the latest investment “suggests PIF remains staunchly behind the venture.” Still, Money in Sport raised critical questions about LIV’s long-term viability, especially as PIF faces growing budget pressures tied to declining oil prices. A key variable may be the renewal terms for top players like Jon Rahm, Brooks Koepka, and Dustin Johnson. Rahm’s deal alone is estimated near $500 million, and any shift in player retention or spending strategy could alter LIV’s future sharply.
One lingering question remains: What happens if LIV fails to meet PIF’s conditions? The publication openly speculates whether the sovereign fund would be willing to scale back—or even walk away—from its investment. Meanwhile, negotiations between PIF and the PGA Tour, once publicly supported by former President Donald Trump, have stalled. The last scheduled meeting failed to produce progress, and no new talks have been confirmed.
STARS JOIN FIELD FOR 2025 RBC CANADIAN OPEN AS 2026 HOST SITE CONFIRMED
Shane Lowry, Justin Rose, Wyndham Clark, and Max Homa have committed to the 2025 RBC Canadian Open, joining Rory McIlroy, defending champion Robert MacIntyre, and a strong field of Canadian players including Corey Conners, Nick Taylor, and Mackenzie Hughes. The tournament, set for TPC Toronto at Osprey Valley, will also feature eight recent PGA TOUR winners and a record-tying 32nd appearance by Canadian golf legend Mike Weir. Off the course, fans can enjoy the all-Canadian SiriusXM Concert Series with Billy Talent and Sam Roberts Band headlining.
Golf Canada also announced that TPC Toronto will host the 2026 edition of the RBC Canadian Open. The venue is undergoing major development to become the national headquarters for Canadian golf, including a new home for Golf Canada, the Canadian Golf Hall of Fame, and First Tee – Canada.
AIRASIA HAS PARTNERED WITH LIV GOLF LEAGUE’S RIPPER GC as part of its broader branding expansion strategy, marking a new collaboration between the airline and the golf industry. The agreement will see Ripper GC players, including captain Cameron Smith, wear AirAsia-branded caps throughout the 2025 season. Both parties emphasized shared goals around growing the sport, engaging new fans, and improving accessibility—particularly in air travel, which Smith cited as a major barrier for emerging golfers. AirAsia Group sees the partnership as a way to align with a winning team and support golf’s next generation across Asia and beyond.
3. EQUIPMENT
FOOTJOY UNVEILS LEGENDS SERIES WITH LIMITED-EDITION SPRING BLOOM DROP. FootJoy has unveiled the Legends Series, a new line of limited-edition drops built on the brand’s popular Premiere Series platform—one of the most-worn ranges on professional tours. Known for combining heritage styling with modern performance, the Legends Series celebrates iconic golf moments through bold, collectible designs released across the summer. The first release, Spring Bloom, brings a vibrant floral outsole to the Packard model, offering a visual contrast to its classic full-grain leather upper. Despite the fresh aesthetic, the shoe maintains all performance standards of the Premiere line, including VersaTrax+ traction, Pulsar LP cleats, and waterproof LifeShield technology.
The Spring Bloom shoes retail for $245 in the U.S. and are available now via FootJoy’s website.
With more drops expected in June and July, FootJoy continues to blend craftsmanship, tour-level features, and expressive design for players seeking both function and flair.
4. PEOPLE TO WATCH
KRIS KIM AWARDED WENTWORTH FOUNDATION’S FIRST ELITE GOLF SCHOLARSHIP. Teenage standout Kris Kim will train full-time at Wentworth under a new elite scholarship designed to support rising talent. The young English amateur, who made headlines in 2023 by making the cut at the CJ CUP Byron Nelson and starring in Europe’s Junior Ryder Cup win, will now have access to all three courses and the club’s upgraded Golf Academy. Kim said the chance to develop his game at the same venue where Rory McIlroy and others compete is “amazing” and comes as he prepares for his senior England debut. | More in Wentworth Foundation website.
5. MUST READ AND WATCH
A behind-the-scenes tour of PING’s Phoenix HQ reveals the engineering-driven soul behind one of golf’s most respected brands. In a detailed feature for Today’s Golfer (May 5, 2025), equipment editor Dan Owen takes readers inside PING’s Arizona campus—part science lab, part museum, part proving ground—where innovation meets legacy. From sitting at founder Karsten Solheim’s preserved desk to testing the latest G440 driver and sand-saving BunkR wedge, Owen highlights how PING’s relentless focus on performance, problem-solving, and precision sets it apart from other manufacturers.
6. JUST FOR PAID SUBSCRIBERS
THE INVISIBLE PRO SHOP: HOW AFFILIATE MARKETING IS RESHAPING GOLF’S RETAIL LANDSCAPE
What you’ll unlock behind today’s paywall:
📊 The Economics of Influence — How commission rates differ across product types, and why digital content is the real money-maker.
🏆 Who Wins in the New Value Chain? — From Callaway to GForce, see how traditional brands and newcomers compete for digital shelf space.
💼 Implications for the Industry — What this shift means for instructors, emerging markets, and golf resorts.
🔮 What Comes Next — Will golf media become affiliate networks? Could swing-speed influencers outsmart pro shops?
🧭 Closing Insight — Why this is more than a commerce shift—it's a transformation in who golfers trust.
Golf retail is changing, but not through traditional store expansions or new club launches. Not long ago, if a golfer needed new clubs or advice on swing aids, they’d likely visit a pro shop or big-box sporting goods store. Today, a growing share of golfers are instead turning to online coaches, reviewers, and niche e-commerce sites for both guidance and purchases. In effect, the traditional “pro shop” experience is being virtualized by affiliate marketers – influencers and content creators who recommend products and earn commissions on sales. The people influencing golf purchases—and the ways brands sell—are no longer the same.
In pro shops of the past, a club professional’s recommendation carried weight, but their reach was limited to those who walked through the door. Now a YouTube swing coach or a golf blogger can influence thousands of buying decisions across the world with a single review or tutorial. It’s not unusual to see a training aid or a new driver sell out after a popular online instructor sings its praises. YouTube coaches often outsell pro shops because they’ve built loyal followings and can reach buyers everywhere.
Legacy manufacturers are embracing affiliate programs to harness influencer reach, yet upstart brands owe their success almost entirely to affiliate-driven sales. The economics of influence are reshaping margins and marketing strategies: a direct-to-consumer training program can pay out 50% commissions to promoters, while a traditional equipment maker might only afford 5–10%. Those who capture attention and earn trust online are now driving the industry’s sales decisions.
THE ECONOMICS OF INFLUENCE
In the new golf economy, influence is currency. Affiliate marketing allows those with influence – from teaching pros with a YouTube following to equipment review bloggers – to monetize their recommendations. The commission structures reveal a stark contrast between physical products and digital offerings. Physical golf products (clubs, balls, gadgets) typically offer single-digit percentage commissions to affiliates, constrained by thinner profit margins. Most golf equipment and apparel brands offer around 5% to 15% commissions on sales, with higher-ticket items on the lower end of that range.
For example, TaylorMade’s sits around 5%. Online retailers like GlobalGolf, which sells both new and pre-owned gear, also offer roughly 6–8% per sale to their partners – notably higher than Amazon’s standard 3–4% rate in the golf category.
Digital golf products, by contrast, can afford to be far more generous. An instructional membership or online course has low incremental cost, enabling commission rates of 30%, 40%, even 50%. A prime example is Swing Man Golf, an online swing-speed training platform, which pays a hefty 50% recurring commission to affiliates for monthly subscription sign-ups. (Even its one-off $588 swing speed certification program offers 10% back to the referrer.) High-margin instructional content allows creators like Swing Man Golf to turn coaches and bloggers into motivated sales reps, rewarding them with roughly half the revenue – a rare structure in the world of physical merchandise.
These conditions have created a model where education and sales now happen in the same place. Consider Rain or Shine Golf, a company specializing in indoor simulator setups and at-home practice gear. Rain or Shine sells physical products – often big-ticket items like launch monitors and full simulator rigs – but its marketing is heavily content-driven. The company produces guides, tutorials and product comparisons aimed at golfers researching how to play indoors. Rain or Shine earns credibility by teaching first, which makes visitors more likely to buy. Affiliate marketers tap into this model as well: a golf YouTuber might make a video about “setting up a home simulator on a budget” and include affiliate links to Rain or Shine’s store. With typical commissions around 5% (or higher for top performers), a single referred sale of a $10,000 simulator can net $500+ for the influencer – a significant return for one piece of content. Rain or Shine notes that it has a simulator solution for every budget, from modest setups to deluxe models costing well into five figures. Even at the baseline 5% commission, those high price points mean a few referred sales can quickly yield strong returns for affiliates. Influencers who help buyers understand expensive products often earn significant commissions from those sales.
As their income depends on performance, influencers invest time in content that holds attention and drives purchases – aligning the interests of the brand (more sales) and the affiliate (more commission) in a system where both sides profit only when sales happen. As one industry affiliate marketing group points out, it’s a “low-risk, high-reward strategy” for brands, since they pay only when a sale is made. For the influencer, it turns passion into profit: a golf enthusiast who might have posted course vlogs for fun can now generate real income by partnering with the right equipment and training companies. The result is an explosion of niche content, from blogs reviewing the latest rangefinders to Instagram instructors demonstrating training aids – all linked to e-commerce in the background.
WHO WINS IN THE NEW VALUE CHAIN?
As affiliate-driven commerce gains momentum, it’s redefining the golf industry’s value chain – the pathway from product creation to customer. The key question is: who benefits most in this new system of manufacturers, influencers, retailers, and consumers?
Legacy golf brands like Callaway, TaylorMade, Titleist and others have long dominated through tour sponsorships, large retail distribution networks, and in-house marketing. They are now adapting to the affiliate age by leveraging their brand cachet in partnerships with content creators. In fact, major brands have made their affiliate programs quite attractive in a bid to enlist armies of micro-salespeople online. Callaway’s program, for instance, explicitly pitches affiliates on the strength of promoting “the #1 brand in golf” while offering up to 9% commission and 45-day referral cookies. TaylorMade similarly offers around 5% commissions to affiliates and benefits from the huge interest when a new driver or iron is launched. These legacy companies still have the advantage of product prestige and R&D muscle – avid golfers often desire the latest Tour-proven equipment. Affiliate marketers know this, and even for a modest cut, many are happy to feature big-name brands because high conversion rates can offset lower commission percentages. Established brands benefit when they use their name recognition to drive affiliate-driven revenue. There is evidence this is working: GlobalGolf, a retailer which sells products from all the major brands, compares its online store to “the PGA Professional-staffed store at your local golf course” – showing how online stores are mimicking the expertise once found only in pro shops—and turning it into revenue. During the pandemic, GlobalGolf’s e-commerce model thrived as it was positioned well to serve golfers stuck at home, highlighting how nimble online operations outpaced shuttered physical stores.
Affiliate-native brands and upstarts arguably have the most to gain from this landscape. Free from the legacy cost structures and distribution deals, these companies often rely almost entirely on affiliate marketing and social media buzz to reach customers. Take GForce Golf: founded by PGA coach Stuart Small to sell innovative flexible-shaft training clubs, GForce built its name through online videos and influencer testimonials rather than Tour player endorsements or pro shop deals. In return, GForce rewards its affiliate partners handsomely – offering around 20% commission on all sales driven by their links. That level of payout reflects the company’s strategy: rather than invest in traditional advertising, it lets a network of teaching pros and content creators effectively be its sales team, and pays them like a generous sales commission. Another example is Swing Man Golf (the swing speed training program mentioned earlier). Its founder, Jaacob Bowden, leveraged his credibility as a long-drive competitor to create sought-after instructional content, and then priced the affiliate incentives to ensure a wide distribution – an up to 50% revenue share for subscription referrals.
These affiliate-native brands benefit by harnessing the reach of niche influencers whom big brands might overlook. A local coach with 5,000 YouTube subscribers might be too small for a TaylorMade sponsorship, but for a specialty product like a tempo training aid or a swing-speed course, that coach could be a perfect evangelist to an engaged audience. By giving such partners high commissions and often discount codes for their followers, smaller brands can rapidly scale their customer base without a single shelf in a golf shop. It lowers the barriers for new brands to reach customers directly, without needing big advertising budgets or retail deals.
WHERE DOES THIS LEAVE THE TRADITIONAL RETAILERS AND MIDDLEMEN?
Amazon remains a huge player in volume, of course – many golfers instinctively turn to Amazon for convenience – and Amazon’s Associates affiliate program is one of the largest in the world. However, Amazon’s golf category commissions (roughly 3–4%) are so low that many golf influencers prefer to send traffic elsewhere unless the convenience factor will significantly boost conversion.
Specialty retailers like GlobalGolf, PGA Tour Superstore, or RockBottomGolf often provide better affiliate deals (5–8% range) and a golf-specific shopping experience. Some, like GlobalGolf, even incorporate trade-in programs and extensive used inventory to attract the value-seeking segment. Retailers that add original content and tools—beyond just product listings—are likely to gain more traction. Some are starting to operate more like publishers, offering advice, reviews, and video content alongside shopping.
AMAZON VS. NIKE
Amazon relies on an enormous network of affiliates to drive traffic to its marketplace, and it monetizes that volume efficiently with slim commissions. Nike, on the other hand, has historically been a brand that cultivates direct customer relationships and was less dependent on affiliate sales. In golf, Nike no longer makes clubs (having exited equipment in 2016) but is a major apparel and footwear player. Nike’s broader strategy in recent years was a push for direct-to-consumer (DTC) sales through its own website and apps, even if that meant cutting back wholesale relationships. That approach downplayed third-party affiliate influence. However, even Nike has realized pure DTC has limits – in 2023 the company began mending relationships with retailers after finding the DTC-only strategy too constraining.
Even dominant companies now recognize the need to balance direct sales with outside partnerships. Wholesale partners (which we can analogize to affiliates in the marketing realm) are essential for reaching broader audiences and maintaining relevance. In golf retail’s value chain, Amazon’s open-arms affiliate model versus Nike’s controlled brand ecosystem shows the spectrum. For most, the most effective strategy blends both direct channels and affiliate partnerships. Brands that strike this balance are positioned to succeed as the retail landscape evolves.
IMPLICATIONS FOR THE INDUSTRY
The rise of the “invisible pro shop” — driven largely by affiliate referrals — is transforming how golf instructors and underrepresented groups engage with the industry.