*Despite financial hardships for some businesses, OnlyFans is making profitable gains with record revenue and profits. The porn-friendly creator platform experienced a 19% increase in gross payments for 2023, rising from $5.55 billion in 2022 to $6.63 billion, according to a U.K. regulatory filing on Sept. 5 by parent company Fenix International, Variety reports.
Translating the information, Variety noted that OnlyFans creators earned total payouts of $5.32 billion for the most recent fiscal year, a mean average of nearly $1,300 annually per creator for the fiscal year ended Nov. 30, 2023.
Adding to OnlyFans’ good fortune is a 29% rise in creators, which amounted to 4.12 million. For the most recent fiscal year, net revenue for the subscription-based video-on-demand platform increased 20% to $1.31 billion, while its pre-tax profit jumped 25% to $658 million.
About 66% of that revenue is generated from the U.S. OnlyFans owner and MyFreeCams founder Leonid Radvinsky.
Per the filing, Radvinsky received $472 million in dividends for the 2023 fiscal year. The amount is a 40% rise from the $338 million he took in the year prior.
As for OnlyFans users, the company’s total registered users increased 28% during fiscal 2023 to come in at 305 million. Despite reporting an average monthly headcount of 42 employees for the period, the London-based company’s employees are far more with hundreds of contractors on board to help run the site.
“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.”
The company noted that it “continues to garner significant media attention 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.”
Since its launch in 2016, OnlyFans has emerged as a popular online destination. With that, the company stands up for itself, arguing that its one of the safest adult-oriented sites on the internet, in light of it requiring an extensive ID verification process before anyone can create an account.
Variety highlighted that it costs to access OnlyFans content, with users deciding to pay a subscription fee or opt-in to view any OnlyFans accounts. Creators earn 80% of all payments made on the platform, according to OnlyFans.
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