Millions of people who navigate life online are well acquainted with OnlyFans. The adults-only, subscription-based platform had at least 305 million users in 2023, and that user base has only grown larger over the years. Today, the owner is considering a sale that could make an $8 billion impact on the digital market.

In 2018, the platform was sold to Leonid Radvinsky who maintained the focus on adult content. Under Leonid Radvinsky’s ownership, the platform boasted 85 million users by 2020, a number that more than tripled to 305 million by 2025. Financially, OnlyFans recorded $2 billion in sales in 2020, and then after appointing Keily Blair to the CEO position, that number grew to $6.63 billion in revenue by 2023. Along the way, OnlyFans worked to diversify its image by promoting non-explicit material, launching OFTV specifically for safe-for-work content.

Leonid Radvinsky, a Ukrainian-American entrepreneur, has received over $1 billion in dividends, including $472 million in 2023. The platform’s valuation in 2021 was $1 billion and is now estimated at roughly $8 billion. That kind of growth is unprecedented, especially for a company with a revenue share as high as 80%, which OnlyFans boasts. According to Keily Blair, OnlyFans makes roughly 59% of their revenue from add-on services (think pay-per-view messages, and tipping during live-streams), while only 41% of their revenue comes from subscription payments. Unlike other major social platforms, OnlyFans doesn’t have a mobile app available, so there’s no cut of money going to other companies (Apple, Google, etc). That means that OnlyFans is able to keep the full 20% cut they take from what content creators make on the platform. With over 4 million creators serving 300 million subscribers who continue to open their wallets for content, that is a lot of money going into a pool that isn’t being used to pay for the ability to host apps on personal devices.

With an executive team made entirely of legal masterminds, one has to wonder whether or not a private equity firm could better manage the X-rated tech giant. The adults-only platform is consistently bringing in billions, so why try to sell now? What is the London-based company missing that could be improved by a change in ownership?

It may be some time before there are tangible answers to those questions, as OnlyFans is having some difficulty locating a buyer. An $8 billion price tag necessitates a would-be purchaser with very deep pockets, but there’s also the issue of social stigma to consider. Try as it might to differentiate its image, OnlyFans has built its brand on being the go-to space for DIY pornographic content. While the current executive team has tried to frame OnlyFans as being similar to X— a platform that allows adult content— the public perception that OnlyFans is first and foremost an adult content company has most would-be purchasers hesitant to agree to a sale. There is also the issue of underage users and creators accessing the platform when they shouldn’t be able to do so, bypassing the age restriction process that is supposed to prevent young people from being able to create user or creator profiles. According to Keily Blair, OnlyFans has increased efforts to crack down on the presence of minors on the adults-only platform, but there continue to be loopholes in the system that is allowing them to slip through the cracks.

Despite the less than ideal roadblocks in the way of a smooth selling process, there does appear to be at least one potential buyer who is willing to take on the personal and financial risk of owning OnlyFans. UFC fighter Conor McGregor is reportedly a top contender in “serious talks” over whether or not to buy the adults-only platform.

The sale of a platform as large as OnlyFans has the potential to transform the creator economy. With a new owner able to reshape content policies and payout procedures, it will be fascinating to see if and how a sale changes the experience for users and creators on OnlyFans.

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