Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

OnlyFans profits boom as users spent $4.8bn on platform last year

OnlyFans profits boom as users spent $4.8bn on platform last year

OnlyFans has paid out more than $500m (£433m) to its reclusive owner in the last two years, as the British-based subscriber platform synonymous with pornography reported record profits.
Leonid Radvinsky, the site’s Ukrainian-American 40-year-old owner, is the sole shareholder in a business that has seen its profits boom, as users spent $4.8bn on the site last year.

The financial results mean OnlyFans is one of the most financially successful British tech start-ups in recent years, succeeding where other more mainstream companies have failed. The company’s latest accounts show pre-tax profits rose by 615% to $432m in the 12 months to September 2021.

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.

The business model cuts out the traditional pornography studios and allows creators to keep the vast majority of the 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 chief executive and his ex-banker father Guy as a director. At various points both Tim’s brother and mother were both involved in the business.

The company only really took off after 2018, when they sold the site to Radvinsky, who had past experience of running pornography sites. The Stokelys remained as executives but cut their ties with the company at the end of last year.

OnlyFans’ accounts also show that the company has written down the value of Delivery Code Ltd, a company it bought from the Stokely family for £23.65m, to zero.

Although the vast majority of OnlyFans’ income arrives from customers based in the US, it remains registered in the UK and paid $88m 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 enforce age verification checks on wildly popular free porn sites such as PornHub.

The highly profitable company had just 61 employees last September, although it is expanding rapidly – and attracting scrutiny around the quality of its 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 payment processing services.

The banks eventually relented and the adult material survived but this helped prompt a change in leadership, which led to the appointment of former marketing boss Amrapali Gan as chief executive.

She said: “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.”
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Munich Airport Reopens After Second Drone Shutdown
Pro Europe and Anti-War Babiš Poised to Return to Power After Czech Parliamentary Vote
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
The Personality Rights Challenge in India’s AI Era
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Study Finds No Safe Level of Alcohol for Dementia Risk
Trump Says Ukraine Can Fully Restore Borders with NATO Backing
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
Germany Weighs Excluding France from Key European Fighter Jet Programme
Cyberattack Disrupts Check-in and Boarding Systems at Major European Airports
Björn Borg Breaks Silence: Memoir Reveals Addiction, Shame and Cancer Battle
When Extremism Hijacks Idealism: How the Baader-Meinhof Gang Emerged and Fell
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
Trump Orders $100,000 Fee on H-1B Visas and Launches ‘Gold Card’ Immigration Pathway
France’s Looming Budget Crisis and Political Fracture Raise Fears of Becoming Europe’s “Sick Man”
Three Russian MiG-31 Jets Breach Estonian Airspace in ‘Unprecedentedly Brazen’ NATO Incident
European manufacturers against ban on polluting cars: "The industry may collapse"
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
Christian Brueckner Released from German Prison after Serving Unrelated Sentence
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
The conservative right spreads westward: a huge achievement for 'Alternative for Germany' in local elections
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
U.S. and China Agree on Framework to Shift TikTok to American Ownership
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
The New Life of Novak Djokovic
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
×