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Fenix International, the parent company of the popular online platform OnlyFans, has disclosed that its owner, Leonid Radvinsky, received dividends totaling $338 million as the platform’s annual profits surged to over $500 million. OnlyFans, known for hosting a diverse array of content creators including sex workers, musicians, and celebrities, has amassed nearly 240 million users and boasts over three million creators.
The company reported that spending on the OnlyFans platform reached $5.5 billion in the year ending November 2022, marking growth from the previous year’s $4.8 billion. Pre-tax profits for the same period also witnessed an uptick, reaching $525 million compared to the prior year’s $432 million.
An intriguing development was revealed in Fenix International’s filing – non-subscription services, such as tips and on-demand content provided by creators, accounted for more than half of the platform’s revenues for the first time. The company’s operational model involves retaining a fifth of the payments made on the platform, with the bulk, approximately 80%, being directed to content creators.
The filing also unveiled a substantial expansion in the number of content creators on OnlyFans, with a 47% increase to nearly 3.2 million, accompanied by a 27% rise in users to nearly 239 million.
This surge in growth and profitability aligns with the platform’s sustained popularity, especially during the COVID-19 pandemic when online streaming sites experienced a surge in engagement due to global lockdowns. However, many platforms, including OnlyFans, observed a decline in activity following the easing of restrictions.
Established in 2016 by Guy and Tim Stokely, OnlyFans was later acquired by Ukrainian-American entrepreneur and adult website proprietor Leonid Radvinsky in 2018. Radvinsky’s estimated net worth stands at approximately $2.1 billion, as reported by Forbes magazine.