Owner of OnlyFans paid $631 million as subscriptions increased

According to BBC, Leonid Radvinsky, the owner of OnlyFans, has paid himself $631 million over nearly two years, driven by the platform’s rapid growth. The company, Fenix International, reported pre-tax profits of $658 million for the year ending November 2023. The platform saw a significant increase in new content creators and fans, with nearly one million new creators and 50 million new users joining in 2023 alone.

OnlyFans Under Scrutiny for Content Accessibility

Despite its success, OnlyFans is under investigation for its efforts to prevent minors from accessing adult content. The UK regulator, Ofcom, raised concerns that the platform might not be doing enough to block underage users. OnlyFans acknowledged a “coding configuration issue” that affected age thresholds but maintained that these were always set above 20.

Diversification and New Ventures Beyond Adult Content

While best known for its adult content, OnlyFans also features creators focused on fitness, music, and comedy. In 2023, the company launched a pornography-free TV streaming service, further expanding its content offerings. The platform’s creators earned a combined $6.6 billion in 2023, with OnlyFans taking a 20% commission on earnings.

Leonid Radvinsky’s Growing Wealth and Future Prospects

Radvinsky, who acquired OnlyFans in 2018 from its founders Guy and Tim Stokely, has paid himself nearly $1 billion over the past three years, including $338 million in 2022. His net worth is estimated at $3.8 billion, according to Forbes. Despite operating with a small staff, OnlyFans continues to generate significant profits, and the company aims to maintain its growth momentum while addressing regulatory concerns.

Conclusion: A Strong Year for OnlyFans Despite Challenges

OnlyFans reported a strong financial year in 2023, with its CEO, Keily Blair, emphasizing the platform’s commitment to supporting its diverse creator community. However, the platform’s regulatory challenges highlight the need for enhanced safeguards to ensure compliance and protect younger audiences.