OnlyFans’ business is booming, and one person in particular is benefiting from the platform’s success.
Fenix International, the parent company of OnlyFans, a subscription platform known for its adult content, is owned by Ukrainian-American entrepreneur Leonid Radvinksy.
News emerged this week that Radvinks received a $338 million dividend from the company after a year of growing demand for its content, which is used by sex workers, musicians, sports stars and more.
London-based OnlyFans was founded by British businessman Tim Stokely in 2016, before Radvinsky acquired a majority stake in the company two years later. Radvinsky is an expert in the industry, as he owns the adult porn site MyFreeCams.
OnlyFans says he is now the company’s sole shareholder wealth.
While OnlyFans has been around for a while, Radvinsky crucially took control of the company during the pandemic, and the company rose to prominence as people turned to digital adult entertainment during the lockdown.
During the height of COVID-19, the company Revenue soared 553% 2020. From the end of that year through September 2020, Radvinsky made a fortune in dividends, worth $517 million, Bloomberg The report said.
With the new addition to his income, Radvinsky’s net worth is now estimated at $2.1 billion, according to Forbes.
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While the company credits the pandemic for its meteoric rise, interest in its services has continued. Gross profit for the year ending November 30, 2022 up more than 20% year-over-year, according to Fenix earnings report Released on Thursday, its revenue crossed the $1 billion mark.
The number of creators on the OnlyFans platform also increased to 3.2 million, up 47% year-on-year, while users (or “fans”) reached approximately 240 million at the same time.
“OnlyFans has achieved continued growth and profitability,” Phoenix said in the filing. “This reflects both the platform’s growth in the number of content creators and fans, as well as growth in revenue for existing content creators.”
The company makes money by taking a 20 percent cut of what its creators earn through the site. The rest of the money goes directly to creators, who set their own subscription fees that users pay to access their content. OnlyFans’ business model is designed to give creators more money than many other platforms that monetize creator content.
Most recently, the company underwent three key leadership changes in three years. Keily Blair will take over following the departure of Ami Gan, CEO of OnlyFans from December to June 2021.
“OnlyFans’ success is inextricably linked to the opportunity for creators to monetize their content and connect with fans on our platform,” Blair said in a statement, adding that the strong revenue ultimately reflects OnlyFans’ role in the creator economy. position in.
The company also faces challenges with the type of content it offers as it tries to balance investor interests and creator needs in the adult entertainment space.
it tries to get rid of making “Sexually Explicit” content two years ago, but finally changed the decision a few days later. Although it’s home to creators in fields as diverse as food to fitness and art, it still makes the bulk of its revenue from adult content.
only fans briefly floated the idea of an IPO A few years ago, this may have helped it further develop the business, although no specific plans have been announced.
Either way, it looks like OnlyFans’ popularity is here to stay.
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