September 9, 2024
New findings show the whopping $6.6 billion jump in payments to the OnlyFans platform for the 2023 fiscal year.
New findings show the whopping $6.6 billion jump in payments to the OnlyFans platform for the 2023 fiscal year.
A UK regulatory filing released on Sept. 5 revealed record-breaking profits OnlyFans saw for the year ending Nov. 30, 2023. Gross payments processed through the subscription-based platform rose 19% from $5.55 billion in 2022 to $6.63 billion last year.
Variety reports that the drastic jump in payments follows a 29% increase in creators in 2023 to 4.12 million. OnlyFans creators received total payouts of $5.32 billion in the most recent fiscal year, averaging nearly $1,300 per creator, representing a 19% year-over-year increase.
It was a good year for the London-based platform, with registered OnlyFans users increasing 28% during fiscal 2023 to 305 million. The company’s revenue for the most recent fiscal year rose by 20% to $1.31 billion, while its pre-tax profit surged 25% to $658 million.
The profit jump shows that OnlyFans has continued to rise in popularity since its 2016 inception. Content creators prefer the platform as they receive 80% of all payments made to the platform. Most of its content is adult-centered, including pornography and X-rated photos.
Users must pay a subscription fee or opt-in to access OnlyFans accounts. Creators must also pass an extensive ID verification process before creating an account, which adds to its safety.
“OnlyFans’ mission is to empower content creators to own their full potential by building the safest social media platform and providing unparalleled opportunities to our user community,” the company said in the filing. “The media content on OnlyFans.com can only be shared or accessed by registered users who are over 18 years old and who have successfully completed the Creator or Fan onboarding process.”
It also notes the increased media attention OnlyFans receives “due to its novel business model, inclusive content policy, and the success of many Creators.”
“The Group will continue to develop its public and government relations strategy to address misconceptions regarding the Group as reported in the media,” it adds.
OnlyFans has been focused on developing its OFTV platform, a safe-for-work streaming platform and app that primarily serves as a promotional tool for the site. The company says it has “begun to explore opportunities to license OFTV content to other platforms.”
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