OnlyFans owner has made $500m from website in less than two years
OnlyFans owner Leonid Radvinsky has earned more than $500 million (£448.4m) since he joined the company in 2020, while figures show its content creators earned billions last year.
OnlyFans was founded by British businessman Tim Stokely back in 2016, and it’s fair to say it’s been a phenomenal success.
Since its launch, it has amassed a whopping 220 million users, with more than two million content creators using the site.
Unlike many other businesses, OnlyFans saw a surge in users when the coronavirus pandemic hit and lockdowns were introduced.
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In 2021 it had a 128 percent increase in the number of subscribers, alongside a 34 percent increase to its number of creators, the BBC reports.
And the popularity of the site, which makes its money by taking a 20 percent commission on all payments made to its content creators, doesn’t seem to be waning.
Ukrainian-American businessman Radvinsky bought the company in 2020 and became CEO last December when Stokely stepped down.
In a report seen by the BBC, Radvinsky was paid $284m (£246m) in dividends in 2021 and another $233m (£201m) since November.
And Radvinsky isn’t the only one cashing in on the success of the subscription-only platform. The same report reveals that OnlyFans content creators pulled in just shy of $4bn (£3.47bn) in 2021.
Chief executive Amrapali Gan told the BBC: "We are empowering creators to monetise their content and have real control over it."
She added: "We will continue to invest in the creator economy by enhancing safety, developing original OFTV [the firm's free streaming platform] content, and continuing to grow our community of creators and fans.”
Although the platform is best known for its not-suitable-for-work content, attracting sex workers and adult entertainment stars, its also used by musicians and other celebrities to offer their fans a chance to pay for exclusive content.
Last year, OnlyFans announced it would be banning 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.
“Our intention is for the policy to be implemented in accordance with the above dates, but we may need to change one or more of the dates as circumstances may require."
However, the news led to a huge outcry from users and content creators and shortly after the ban was announced, OnlyFans said it had ‘suspended’ 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.”
Claire Reid