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What is the most successful social media platform since TikTok? It’s not Meta’s Threads, the veteran Reddit, or even Telegram with its billion users. Surprisingly, it appears to be OnlyFans – a name synonymous with adult content that recently revealed staggering financial data, raising questions about the nature of success in the digital age. Founded in 2016 and currently operating under Fenix International, which is registered in the UK, OnlyFans is required to report its financials, albeit in limited detail.
These reports depict a thriving company within the “creator economy,” boasting growth that outpaces all its competitors. It reinforces a well-known truth: sex sells. 2 View gallery OnlyFans ( Photo: Shutterstock ) Although creators on the platform come from various fields, OnlyFans quickly became associated with adult content, turning sex work into a viable avenue for individuals seeking financial reward.
In 2023, OnlyFans generated $1.3 billion in revenue, a 20% increase from 2022. Pre-tax profits rose by 25% to $658 million, and the number of creator accounts grew to over 4 million, while registered user accounts reached 305 million, both reflecting an almost 30% increase.
According to the report, users spent more than $6.6 billion on the platform in 2023, a 19% rise from the previous year. Remarkably, 90% of these revenues are paid back to creators, with the company retaining only a small portion – much more than any other platform.
OnlyFans manages this extensive operation with just 42 full-time employees and a few hundred contractors. This efficiency allows for significant profit margins for its owner and CEO, Leonid Radvinsky, who reportedly took home $475 million in dividends last year, equating to approximately $1.2 million a day.
In contrast, the average annual income for content creators on OnlyFans stands at about $1,300. Over the past four years, Radvinsky, an American of Ukrainian descent, has drawn an astounding $1.3 billion in dividends, which he began taking a year after purchasing OnlyFans from its founder, Tim Stokely, for an undisclosed amount.
Forbes estimates Radvinsky's net worth at $3.8 billion. While Radvinsky extracts most of the profits from the company, OnlyFans remains unique in the creator economy, relying on a simple model where users pay a fixed or variable fee, usually in a monthly subscription format, in exchange for exclusive content.
The average payment of $1,300 per creator per year is misleading; despite approximately 4 million creators on the platform, revenue distribution is extremely unequal. 2 View gallery ( Photo: Shutterstock ) Over the years, many creators have expressed frustration that major stars from the film and music industries, like Cardi B and Belle Delphine, earn millions or even tens of millions of dollars annually from their subscriptions. This disproportionate revenue distribution stems not only from the popularity of individual creators but also from the ability of certain content producers to capitalize on exploitation.
A January study by the University of Northern Colorado found that human traffickers create multiple accounts for several victims, siphoning off all the income. In one documented case, a trafficker set up 12 different accounts across six states, generating over $1.3 million annually.
This problematic situation hasn’t gone unnoticed by investors. The company has struggled to attract them, particularly as some payment processing companies refused to provide services. Fortunately for Radvinsky, the COVID-19 pandemic sharply increased the platform's popularity, more than doubling its revenue between 2020 and 2021.
OnlyFans embodies the central paradox of today’s digital economy: balancing creative freedom and economic independence against ethical questions and moral boundaries. Its resounding success, built on leveraging intimacy for profit, challenges traditional entrepreneurship models. However, the question extends beyond profit potential to the inevitable limitations of such a phenomenon: Can a business model based on sex work endure amid growing scrutiny and regulatory challenges? OnlyFans by the Numbers: $1.
3 billion – Company revenue in 2023 $475 million – Dividend withdrawn by owner Leonid Radvinsky in 2023 $1,300 – Average annual income of content creators 305 million – Users on the platform, who spent $6.6 billion in 2023 4 million – Creator accounts on the platform Get the Ynetnews app on your smartphone: Google Play : https://bit.ly/4eJ37pE Apple App Store : https://bit.
ly/3ZL7iNv >.
