Business is booming at OnlyFans, with owner Leonid Radvinsky earning more than USD$500 million (AU$769 million) since he bought the company in 2020. The platform’s content creators have also been cashing in, making a combined multi-billion figure last year. Keep riding that gravy train, guys (erm…no pun intended).
OnlyFans was founded by British businessman Tim Stokely in 2016 and has become a giant player in the content creation industry. Since its inception, it’s amassed an incredible 220 million users, with roughly two million content creators using the website.
Like other online-based businesses, the platform saw a surge in users during the pandemic. According to a report from the BBC, subscribers jumped 128 percent in 2021, alongside a 34 percent increase in its number of creators. The site’s popularity, which takes 20 percent commission on all payments made to creators, doesn’t seem to be diminishing either.
Ukrainian-American businessman Radvinksy joined the company in 2020 and became its CEO last year when Stokely stepped down. The BBC says Radvinsky made USD$284 million in dividends in 2021 and another USD$233 million since November. As for the content creators, they collectively pocketed USD$4 billion in 2021.
“We are empowering creators to monetise their content and have real control over it,” Chief executive Amrapali Gan told the BBC. “We will continue to invest in the creator economy by enhancing safety, developing original OFTV content, and continuing to grow our community of creators and fans.”
While the platform is used by musicians, artists and celebrities, OnlyFans’ incredible success can be attributed to its adult-only content. However, last year, the company shocked the world when it announced it would ban sexually explicit content. In an email to its content creators, the company said: “Existing content that does not meet the standards of the new policy will need to be removed before December 1, 2021.”
The news led to a massive outcry from both users and creators, eventually forcing OnlyFans to backflip on the plans. In a post on Twitter, the company said: “Thank you to everyone for making your voices heard. We have secured assurances necessary to support our diverse creator community and have suspended the planned October 1 policy change. OnlyFans stands for inclusion, and we will continue to provide a home for all creators.”