The owner of OnlyFans, an online platform catering to a diverse user base including sex workers, musicians, and celebrities, has received substantial dividends amounting to $338 million (£268.5 million). The platform’s parent company, Fenix International, reported a significant increase in annual profits, surpassing half a billion dollars.
Currently hosting over three million content creators and serving nearly 240 million users, OnlyFans has become a lucrative venture. The sole shareholder of UK-based Fenix International, Leonid Radvinsky, possesses a personal wealth estimated to exceed $2 billion.
According to financial statements submitted to the UK corporate registry Companies House, OnlyFans experienced substantial growth, with spending on the platform totaling more than $5.5 billion in the year ending November 2022, up from $4.8 billion in 2021. Pre-tax profits for that period surged to $525 million, a rise from the previous year’s $432 million.
The number of content creators on OnlyFans surged by 47%, reaching almost 3.2 million, while users increased by 27%, nearing 239 million. Notably, more than half of the company’s revenues were derived from non-subscription services, including tips and on-demand content provided by creators. OnlyFans takes a 20% cut of payments, with creators receiving approximately 80%.
Fenix International stated in their filing that OnlyFans exhibited consistent growth and profitability, driven by an expanding community of content creators and fans, along with increased earnings for existing creators. The platform experienced heightened traffic during the COVID-19 lockdowns, a trend observed across various streaming platforms due to people being confined to their homes. However, as pandemic restrictions eased, some of these gains diminished.
Founded in 2016 by Guy and Tim Stokely, OnlyFans was later acquired in 2018 by Ukrainian-American entrepreneur Leonid Radvinsky, known for his involvement in the adult entertainment industry. Radvinsky’s estimated net worth stands at $2.1 billion, according to Forbes magazine.