OnlyFans has paid its reclusive owner more than $500 million (£433 million) in the last two years, as the British-based subscriber platform synonymous with pornography reported record profits.
The site’s Ukrainian-American 40-year-old owner, Leonid Radvinsky, is the sole shareholder in a business that has seen profits skyrocket, with users spending $4.8 billion on the site last year.
OnlyFans is now one of the most financially successful British tech start-ups in recent years, succeeding were more mainstream companies have failed. According to the company’s most recent financial statements, OnlyFans earning statistics increased by 615% in a year to $432 million.
What kind of services are provided by Onlyfans?
The London-based company, founded in 2016, provides a portal for people to sell content subscriptions directly to their followers, with a 20% cut. Although OnlyFans is best known for pornography and hosts a diverse range of content, it announced last year that it would discontinue before reversing its decision a week later.
About the founder of Onlyfans
Radvinsky is the sole owner of OnlyFans’ holding company, Fenix International Ltd., and has a background in adult entertainment and direct marketing. Microsoft Corporation sued Radvinsky in 2004 for allegedly sending millions of deceptive emails to Hotmail customers. His attorneys responded that the allegations were without merit, and the case was eventually dismissed.
OnlyFans earning statistics increased to $932 million in the period, up from $358 million the previous year, as OnlyFans more than doubled the number of subscribers and increased the number of creators by more than a third, according to the annual report.
This year’s priorities for OnlyFans include cyber-security, content moderation, government relations, and promoting its new video streaming service OFTV.