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OnlyFans—the platform you pretend to only vaguely know about—revealed some stunning (financial) figures on Friday, showing that the adult content giant remains on its rocket-ship trajectory following its pandemic boom.
- Revenue rose 20% in the fiscal year ending November 2023 to $1.3 billion and profits jumped to $485.5 million, also a 20% gain.
- The number of OnlyFans creators jumped 29% to 4.1 million. Users swelled 28% to 305 million and spent $6.6 billion on the platform, up from $5.6 billion a year ago.
All this is making OnlyFans owner Leonid Radvinsky absurdly rich. He received $472 million in dividends in the fiscal year and has earned more than $1 billion over the previous three years.
What’s the secret to success? The lucrative business model of user-generated content. OnlyFans creators sell videos, photos, and private messages to customers through one-time fees or recurring subscriptions, and the platform takes a 20% cut.
It’s distancing itself from the pack. MindGeek, the company that operates Incognito mode regulars Pornhub and Brazzers, only does about half as much business as OnlyFans. These days, OnlyFans is likely the “biggest and most profitable (mostly) porn operation in the world,” per Business Insider’s Peter Kafka.—DL
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