Onlyfans Profits Soar As Users Spent 4.8 Billion On The Platform Last Year Business

Leonid Radvinsky, the 40-year-old Ukrainian-American owner of the site, is the sole shareholder of a business that has seen profits soar as users spent $4.8 billion on the site last year. The financial results mean that OnlyFans is one of the most financially successful UK tech start-ups in recent years, succeeding where other more mainstream companies have failed. The company’s most recent accounts show pre-tax profits rose 615% to $432m in the 12 months to September 2021. The site acts as a marketplace for adult artists, 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. It pays itself up to $45 million a month in dividend payments. Despite OnlyFans’ efforts to claim that its platform allows celebrities and musicians to monetize 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 favorite artists. The business model cuts out traditional porn studios and allows creators to keep the vast majority of revenue from viewers. However, this also requires them to take responsibility for their own marketing and requires a constant stream of new material for subscribers. OnlyFans was founded by an Essex family in 2016, with Tim Stokely as CEO and his ex-banker father Guy as director. At various points Tim’s brother and mother were both involved in the business. The company really took off after 2018, when it sold the site to Radvinsky, who had previous experience running porn sites. The Stokelys remained as executives but severed their ties with the company late last year. OnlyFans’ accounts also show the company has written off the value of Delivery Code Ltd, a company it bought from the Stokely family for £23.65m. Although the vast majority of OnlyFans’ revenue comes from US-based clients, it remains UK-registered and paid $88 million to HMRC in corporation tax last year. The site, which already requires users to verify they are over 18, could also benefit from UK government proposals to impose age verification checks on hugely popular free porn sites such as PornHub. The hugely profitable company had just 61 employees last September, although it is expanding rapidly – and attracting quality control age checks in the process. Last year, the company briefly faced the prospect of removing all porn from its servers after its banks threatened to cut off its payment processing services. The banks eventually caved and the adult material survived, but this helped change the leadership, which led to the appointment of former marketing boss Amrapali Gan as chief executive. He said: “We enable creators to monetize their content and have real control over it. Our unwavering commitment to creators has helped drive our success over the past 12 months. “We will continue to invest in the creator economy by strengthening security, developing original OFTV content and continuing to grow our community of creators and fans.”

title: “Onlyfans Profits Soar As Users Spent 4.8 Billion On The Platform Last Year Business Klmat” ShowToc: true date: “2022-12-17” author: “Robert Byler”

title: “Onlyfans Profits Soar As Users Spent 4.8 Billion On The Platform Last Year Business Klmat” ShowToc: true date: “2022-12-18” author: “Edward Millette”

title: “Onlyfans Profits Soar As Users Spent 4.8 Billion On The Platform Last Year Business Klmat” ShowToc: true date: “2022-11-05” author: “Kathleen Pax”