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OnlyFans Profits BOOMING – Users Spent $4.8 Billion In 2021
OnlyFans profits grew 615% in 2021, proving once again that sex really does sell…
OnlyFans grew massively during the pandemic. As millions of people lost their jobs and livelihoods, plenty of people turned to OnlyFans as a way to make money. And business is currently still booming for the popular subscriber platform with profits up 615% in 2021 alone.
When most people think of OnlyFans, they think of nudity and pornography. And they’re usually right: the platform is mostly known for its NSFW content. But increasingly celebrities are turning to the platform in order to generate additional revenue – and some of them even keep their clothes on.
Who Owns OnlyFans?
OnlyFans is owned and controlled by one man: Leonid Radvinsky. Radvinsky is a 40-year-old Ukrainian-American tech entrepreneur and is currently the only shareholder in the business. Radvinsky has netted himself a reported $500 million from the platform since 2020, making him one of the most successful tech entrepreneurs of the last few years
OnlyFans has grown massively during the past few years but its profits in 2021 were the stuff of legend – they grew 615% year on year.
On top of that, OnlyFans users – meaning those that subscribe to content creators on the platform – spent a whopping $4.8 billion on the platform in 2021. All in all, the company’s pre-tax profits rose to $432m during the last 12 months alone.
If this current growth continues, Radvinsky could be looking at either an IPO or selling off the company to a larger entity, although given its “NSFW content” both moves would be tricky.
Is OnlyFans Just Porn?
OnlyFans cut its teeth as a safe way for adults to sell NSFW content to their fans. The platform with its design and subscriber model put the content creator in control and allowed them to leverage their already established social media followers into paying subs on OnlyFans.
The formula for OnlyFans is beautifully simple: if you have a large, engaged social media following, all you have to do is add a link in your biography and market your OnlyFans account in your posts. If you can get a few thousand paying subscribers, you could be earning five figures a month – and that’s without including all the extra fees you can charge.
But the company is now keen to clean up its image, to make the platform more than just NSFW content which indicates to me that Radvinsky has plans to either sell the platform or push for an IPO. Either way, OnlyFans is now a hugely influential part of the internet landscape, swallowing over $4 billion in user fees during the last 12 months.
And that’s the model that is making all of its money. If OnlyFans did a Tumblr and banned NSFW content, I think it is fairly safe to say it could kiss goodbye to its current impressive growth and profitability. I mean, Tumblr went from one of the biggest sites on the web to a ghost town in a matter of months after it started blocking NSFW content.
The site acts as a marketplace for adult performers, who upload their own material and keep 80% of the revenue. The remaining 20% goes to OnlyFans and covers the cost of running the business, handling credit card processing, and providing a very healthy income for Radvinsky. He has been paying himself as much as $45m a month in dividend payments.
Despite OnlyFans’ best efforts to claim that its platform allows celebrities and musicians to monetise their social media following – and investment in its OFTV service – the site’s main attraction remains pornography. OnlyFans has 2.1 million registered “creators” who can sell content and 188 million registered “fans” who can buy videos or pay to message their favourite performers.
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OnlyFans Had A Standoff With UK Banks… And Won!
Back in 2021, OnlyFans’ future was called into question when UK banks started making noises about halting its banking services because it was effectively a porn site. OnlyFans went on the offensive, both legally and from a PR perspective, and forced its bank to recant its claims and, once again, start processing its money.
OnlyFans currently has around 61 employees but after the fiasco with the UK banking elite, the company decided to employ a new chief executive in the form of former marketing boss Amrapali Gan, who is now tasked with ensuring the platform’s growth and keeping OnlyFans’ reputation on the right side of the sewer.
“We are empowering creators to monetise their content and have real control over it. Our unwavering commitment to our creators has powered our success over the last 12 months. 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.”
Amrapali Gan
What can we expect from OnlyFans in the next 12 months? More porn, of course, but also lots of other stuff too – from celebrities to musicians and actors. NSFW content will remain OnlyFans’ bread and butter but the platform has lofty aspirations about becoming much more than just another porn site. And that’s pretty commendable, I guess.
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