Annual accounts for OnlyFans’ British parent company Fenix International show that the business paid a $472 million dividend to Radvinsky in 2023 after a surge in revenues and profits. That’s up from 2023 when the business paid Radvinsky a $338 million dividend.
The new financials show that transactions processed over the platform grew 18.9% to $6.6 billion in 2023. OnlyFans claims that around 80 cents of every dollar spent on the platform goes to its creators. Revenues also grew to $1.3 billion from $1 billion in 2022 and profits grew by a fifth to $485.4 million last year.
Read the full story on Forbes: https://www.forbes.com/sites/iainmartin/2024/09/06/onlyfans-billionaire-owner-pockets-472-million-dividend/
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The new financials show that transactions processed over the platform grew 18.9% to $6.6 billion in 2023. OnlyFans claims that around 80 cents of every dollar spent on the platform goes to its creators. Revenues also grew to $1.3 billion from $1 billion in 2022 and profits grew by a fifth to $485.4 million last year.
Read the full story on Forbes: https://www.forbes.com/sites/iainmartin/2024/09/06/onlyfans-billionaire-owner-pockets-472-million-dividend/
Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1
Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:
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LifestyleTranscript
00:00Today on Forbes, OnlyFans' billionaire owner pockets $472 million dividend
00:09Leonid Radvinsky, the billionaire owner of OnlyFans, earned more than $1.2 million a
00:14day from the social media subscription site best known for hosting adult content.
00:20Annual accounts for OnlyFans' British parent company, Phoenix International, show that
00:25the business paid a $472 million dividend to Radvinsky in 2023 after a surge in revenues
00:32and profits.
00:33That's up from the previous year when the business paid Radvinsky a $338 million dividend.
00:40The new financials show that transactions processed over the platform grew 18.9 percent
00:46to $6.6 billion in 2023.
00:51OnlyFans claims that around 80 cents of every dollar spent on the platform goes to its creators.
00:58Revenues also grew to $1.3 billion from $1 billion in 2022 and profits grew by a fifth
01:04to $485.4 million last year.
01:09That growth stemmed largely from non-subscription-based revenues — one-time purchases of pics or
01:14videos — that grew to $765 million in 2023, up from $567.6 million in 2022.
01:24Subscription revenue recorded a more modest increase of $540.8 million from $522.1 million
01:32in 2022.
01:34The total number of subscribers on the platform increased 28 percent from about 240 million
01:40to 305 million, while the number of OnlyFans creators jumped 29 percent from 3.2 million
01:47to 4.1 million.
01:50The United States accounts for the bulk of the London-based company's revenues, totaling
01:54some $863 million in 2023.
01:59Europe and the rest of the world account for $443.2 million.
02:04The profits are extraordinary given that OnlyFans' parent company claims to now have just 42
02:10full-time employees, down from 52 it recorded in its 2022 accounts.
02:16Radvinsky, a U.S. citizen who was born in Ukraine and started his career running porn
02:21referral websites, has taken $1 billion in dividends from OnlyFans over the last three
02:26years.
02:27Forbes now estimates Radvinsky's wealth at $3.8 billion.
02:33In 2018, Radvinsky bought the then-much-smaller OnlyFans site from its British founders Tim
02:39Stokely and his father Guy Stokely.
02:42The site's boomed during the pandemic largely as a showcase for pornographic material, but
02:47moved to ban sexually explicit content in August 2021 after coming under pressure from
02:52bank and credit card companies following reports it had hosted child sexual abuse content.
02:59OnlyFans reversed course just a few weeks later, saying it had, quote, secured assurances
03:03necessary to support our diverse creator community.
03:08The initial announcement of OnlyFans' pivot drew heavy criticism from the site's creators
03:13and sex work advocates.
03:15The British media regulator, Ofcom, opened an investigation into OnlyFans' age verification
03:21measures in May after the company revealed a, quote, technical glitch meant its minimum
03:26age threshold was set to 20 years old instead of 23.
03:31A separate Reuters investigation, published in March, detailed nearly 140 instances in
03:36which men and women complained sexually explicit content had been posted without their consent.
03:42Still, OnlyFans seems intent on broadening itself beyond the sex industry.
03:47In 2021, the company launched OFTV, a YouTube-style video streaming platform promoting, quote,
03:54safe-for-work videos on fitness, cooking, and music hosted by OnlyFans creators.
04:02For full coverage, check out Ian Martin's piece on Forbes.com.
04:07This is Kieran Meadows from Forbes.
04:10Thanks for tuning in.