Leonid Radvinsky, the owner of OnlyFans, paid himself $631m (£480m) over a period of almost two years as traffic on online platform continued to increase.
Fenix International, which owns the site used by sex workers, musicians and celebrities, said its pre-tax profits were $658m in the year to November 2023, according recently filed accounts.
Almost one million new content creators and more than 50 million new “fans” signed up to the platform during the year, an increase of 29%, the company said.
Porn-friendly creator platform OnlyFans reported record revenue and profits for its 2023 fiscal year — as the number of creators increased 29%, to 4.12 million.
Gross payments made through the OnlyFans platform increased by 19% for the year ended Nov. 30, 2023, jumping from $5.55 billion in 2022 to $6.63 billion last year, according to a U.K. regulatory filing Thursday by parent company Fenix International. (Those figures represent payments made by OnlyFans users net of applicable sales taxes, refunds and deferred income.)
That means OnlyFans creators earned total payouts of $5.32 billion for the most recent fiscal year, a mean average of nearly $1.3 million per creator and a year-over-year increase of 19%.
Net revenue increased 20% for the most recent fiscal year, to $1.31 billion, while the company’s pre-tax profit jumped 25% to $658 million. About 66% of that revenue is generated from the U.S. OnlyFans owner Leonid Radvinsky, who also is the founder of cam site MyFreeCams, received a whopping $472 million in dividends for the 2023 fiscal year, up 40% from $338 million the year prior, per the filing.
Total registered OnlyFans users increased 28% during fiscal 2023 to stand at 305 million. The London-based company reported an average monthly headcount of 42 employees for the period, although it employs hundreds of contractors who help run the site.
Last year, the company named Keily Blair, previously chief strategy and operations officer, as CEO. OnlyFans was launched in 2016.
Launched in 2016, OnlyFans argues that its one of the safest adult-oriented sites on the internet because it requires an extensive ID verification process before anyone can create an account. In addition, the content isn’t freely accessible — users must pay a subscription fee or otherwise opt-in to view any OnlyFans accounts. Creators earn 80% of all payments made on the platform, according to OnlyFans.
“OnlyFans’ mission is to empower content creators to own their full potential by building the safest social media platform and providing unparalleled opportunities to our user community,” the company said in the filing. “The media content on OnlyFans.com can only be shared or accessed by registered users who are over 18 years old and who have successfully completed the Creator or Fan onboarding process.”
The company noted that it “continues to garner significant media attention due to its novel business model, inclusive content policy and the success of many Creators. The Group will continue to develop its public and government relations strategy to address misconceptions regarding the Group as reported in the media.”
OnlyFans has continued investing in OFTV, its safe-for-work streaming platform and app that serves largely as a promotional vehicle for the site. Original shows on OFTV include two seasons of “House of Sims,” featuring Chloe Sims, former star of British reality show “The Only Way Is Essex,” and her three siblings.
OFTV is available to watch on Android, iOS, Apple TV, Roku, FireTV, Android TV and Samsung Smart TVs. OnlyFans sai it “begun to explore opportunities to license OFTV content to other platforms.”
via: Variety
