OnlyFans Users Spent $6.6 Billion on Creators in 2023

OnlyFans users contributed a whopping $6.6 billion towards supporting their favorite creators in 2023, showcasing the platform's growing popularity as more fans signed up to access exclusive content and messages.

Revenue Growth and Financial Performance

OnlyFans' parent company, Fenix International, recently disclosed its annual financial results for the 2023 fiscal year, revealing a significant increase in revenue. The company's earnings surged by $217 million, reaching a total of $1.3 billion for the year. Gross payments made by fans for messages and content also saw a substantial rise, hitting $6.5 billion in 2023.

Steady Income in a Post-Pandemic Era

While many tech companies experienced a decline in revenue post-pandemic, OnlyFans continued to thrive as a lucrative platform for creators. Fenix International reported its annual earnings for the fiscal year ending November 30, 2023, highlighting a remarkable revenue growth from $1.09 billion in 2022 to $1.3 billion in 2023. The company witnessed a surge in both creator and fan accounts, with a 29% increase in creators and a 28% rise in fans, totaling 4.1 million creators and 305 million fans.

Financial Insights and Profitability

OnlyFans, known for its 20% cut of creators' earnings, recorded a substantial increase in gross payments made through the platform, reaching $6.6 billion in 2023, marking a $1 billion growth from the previous year. The group's pre-tax profit also experienced a significant boost, climbing from $525 million to $658 million.

Ownership and Company Background

Leo Radvinsky, the current owner of OnlyFans, received a dividend of $338 million in 2022, following his impressive earnings of over $500 million from the platform in the preceding two years. Founded in the UK in 2016 by British entrepreneur Tim Stokely, OnlyFans was later acquired by Radvinsky in 2018. The company has seen substantial growth, especially during the pandemic, attracting new creators and subscribers during lockdown periods.

Despite its success, OnlyFans declined to provide a comment when approached by Business Insider for additional insights on its financial performance.

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By: jmann@insider.com (Jyoti Mann)
Title: OnlyFans Users Spent $6.6 Billion on Creators in 2023
Sourced From: www.businessinsider.com/onlyfans-users-annual-earnings-creators-2023-spend-2024-9
Published Date: Fri, 06 Sep 2024 13:13:04 +0000