THE MIRROR
OnlyFans is just eight years old but has already made its secretive Florida owner a billionaire.
American-Ukrainian businessman Leonid Radvinsky bought the company which owns the site from its British founders for an undisclosed sum in 2018. The pandemic lockdowns, catastrophic for some business, was a boon for OnlyFans and its not-safe-for-office content. It points out that not all the material on the site is sexually explicit but it is widely accepted that the site’s rapid growth is largely down to user-generated pornography.
OnlyFans “creators” can post videos and photos behind a paywall, which “fans” or subscribers pay a monthly fee to access. Creators can also earn money from tips and from “pay-per-view” content. In 2019, OnlyFans facilitated £238m of such payments. By 2023 that sum had soared 21-fold to £5.3bn. OnlyFans takes a 20% cut, banking more than £1bn in 2023. After costs, more than half of this was profit.
Radvinsky is the chief beneficiary, paying himself more than £1 billion in dividends in less than five years, according to the latest accounts of Fenix International, the company he owns and which owns OnlyFans. Last year, he was getting more than £1m a day from his investment. He is not the only person getting rich at the company. In 2019, the average earnings among 11 staff including the directors was £101,000. By 2023, 42 staff, including the two directors, were getting paid on average £482,000.
Some of the most successful creators are reportedly earning millions of pounds a year. But the company’s accounts show that the average annual earnings for an OnlyFans creator was £1,291, before fees and tax…
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