OnlyFans is a platform which almost needs no introduction at this stage of its life in the cultural zeitgeist. What started as a site where fans of celebrities could pay to interact with and access exclusive photo + video content soon became a gold mine for adult film stars to make a little – scratch that – a lot of extra cash on the side; as well as becoming a haven for amateurs to peddle some homemade porn (softcore or otherwise). Where there is porn, of course, there will always be money. Now, OnlyFans is raising new funding at a company valuation of over US$1 billion.
According to Bloomberg, the profitable operation handled more than US$2 billion in sales during COVID-19 last year. Given how it charges a 20% commission on transactions, that translates to an impressive US$400 million worth of revenue right off the bat. The London-based company is reportedly experiencing a growth rate of over 100% and is said to have paid out over US$3 billion to approximately 1.25 million creators. At the time of this writing, OnlyFans boasts of 130 million registered users and counting.
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To reach the coveted three-comma status, however, OnlyFans may be cutting ties with its NSFW roots. At least that’s what people knowledgeable of the dealings have indicated to publications. The objective apparently involves pivoting towards more mainstream media and “lessen its reputation for porn.” The only question is… will other categories of content be able to bridge the revenue gap if adult entertainment is restricted / scrapped entirely?
“Athletes are a creator genre we’re seeing a lot of growth in,” says Tim Stokely, OnlyFans Founder & CEO, when boxer Floyd Mayweather joined earlier this month prior to his highly-anticipated + highly-disappointing exhibition bout against controversial YouTuber Logan Paul.
“I’m a huge fan of the boxing legend and I’m looking forward to his content.”
Similarly, the likes of Hollywood A-lister Michael B. Jordan has been notable additions, offering more mainstream content outside of porn. Although it’d be remiss to mention the Creed and Black Panther star without noting how a considerable portion of his fandom would have readily signed up at the mere prospect of his bare chest alone.
Interesting times…
