Bedroom to Boardroom: OnlyFans’ Record-Breaking Profits Leave Oil in the Dust
UK-based subscription platform OnlyFans, widely known for hosting adult content creators, continues to cement its position as one of the most successful and controversial tech companies globally. Last year, it saw record-breaking revenue, substantial growth in its user base, and increasing payouts to creators. The platform, which caters to sex workers, celebrities, and sports stars alike, has evolved into a significant player in the digital content world, both financially and culturally.
In 2023, OnlyFans paid more in UK corporation taxes than the North Sea oil industry, a testament to its unprecedented profitability. Peter Donaghy, a data analyst, noted on X, “The British state raised more revenue in 2023 from corporation tax paid by OnlyFans’ parent company (£118m) than it did from North Sea oil royalties and license fees (£69m).”
The parent company of OnlyFans, Fenix International, reported $1.31 billion in revenue for 2023, a 20% increase from the previous year. This translated into pre-tax profits of $657 million, up from $525 million in 2022.
The company’s Ukrainian-American owner, Leonid Radvinsky, received $472 million in dividends, bringing his total earnings since 2022 to a staggering $630 million. OnlyFans takes a 20% cut of all payments made on the platform, which amounted to $6.63 billion in 2023 alone, a nearly $1 billion increase from 2022.
Content creators
At the heart of OnlyFans’ success lies its promise of creator empowerment. Content creators earned $5.32 billion in 2023, a 19% increase from the previous year. The platform offers a unique proposition: it allows creators to keep 80% of their earnings, whether through subscription fees, tips, or pay-per-view content.
“Content creators have the freedom to create the content that they want to. We’ve got lots who don’t produce any adult content, lots who only produce adult content, and then there are some people who are in the middle,” said CEO Keily Blair emphasized.
The number of creator accounts swelled to 4.1 million in 2023, a 29% increase from 2022, while the total number of registered users—or “fans”—rose to 305 million, an almost 30% increase over the same period. This explosion of content creators is indicative of the platform’s growing appeal, especially as an alternative revenue stream in an increasingly digital economy.
The platform isn’t only for adult content creators. OnlyFans is quick to point out that it also caters to influencers from diverse fields such as fitness, music, and wellness. Despite this, it is largely associated with adult entertainment, a sector that continues to drive much of its revenue and public attention.
Founded in 2016 by British entrepreneur Tim Stokely, OnlyFans was initially envisioned as a subscription platform for influencers and celebrities to connect directly with their fans. However, it rapidly gained popularity among adult content creators, becoming a go-to platform for sex workers who sought a safer and more controlled way to earn income online. Its success is in part due to its business model, which allows creators to directly monetize their content in a secure environment.
This shift toward adult content was cemented when Stokely sold the company to Radvinsky in 2018. Radvinsky, already an experienced entrepreneur in the adult entertainment industry as the founder of MyFreeCams, recognized the potential of OnlyFans and guided it to become the juggernaut it is today.
Despite its profitability, the platform has faced challenges due to its adult content. In 2021, OnlyFans made headlines when it briefly announced it would ban explicit content, a decision that drew fierce backlash from its creators. The ban was quickly reversed, with the company clarifying that it would remain inclusive of adult content, while also developing its safer-for-work initiatives, including the launch of OFTV, a platform for non-explicit content.
Controversial platform
For creators and users alike, OnlyFans touts itself as one of the safest online platforms in the adult content space, thanks to its stringent ID verification processes.
“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 stated in its latest filing.
Every user must undergo a thorough onboarding process, and only registered users over the age of 18 can access the platform’s content.
However, this claim has not been without controversy. Critics argue that the platform’s association with adult content makes it difficult to fully ensure safety and accountability, particularly in a digital age where explicit material can easily be leaked, misused, or exploited.
The company has repeatedly emphasized its moderation efforts and commitment to creator and fan security, but concerns about its role in the broader adult content ecosystem persist.
Despite its complicated reputation, there is no denying OnlyFans’ role as one of the UK’s most successful tech exports. With its global user base—66% of its revenue comes from the U.S.—the platform has become a significant player in the digital entertainment landscape.
Blair hailed 2023 as a “strong year” for the company, declaring that OnlyFans has “cemented our place as a leading digital entertainment company and a UK tech success story.”
With over 42 full-time employees and hundreds of contractors, the company is steadily expanding. It is also investing in new content avenues, including its OFTV platform, which offers safe-for-work programming. Shows like House of Sims, a reality show featuring British reality star Chloe Sims and her siblings, exemplify OnlyFans’ efforts to diversify its content beyond adult material. The company has also explored licensing opportunities for OFTV content on other platforms.
For now, the platform’s unprecedented financial success in 2023 points to a digital economy where creators wield increasing power, and where platforms like OnlyFans redefine how content is monetized and consumed.
Information for this briefing was found via Financial Times, Variety, and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
