The ad-free network emerged victorious from the pandemic economy.
According to a new Financial Times article, the creator platform OnlyFans produced $390 million in sales and nearly $74 million in pre-tax income between November 2019 and 2020.
The first line
The tight-lipped United Kingdom-based business has soared to 120 million registered users and $2.3 billion in gross transactions during the pandemic economy. According to the Financial Times, the company’s accounts are expected to be filed at Companies House on Monday.
According to the FT, OnlyFans’ sales increased 553 percent year over year and overall transactions increased “sevenfold.” Prior to the pandemic, its user base hovered about 20 million and has since grown to 120 million as of November. The number of workers has increased from 150 prior to the pandemic to more than 400.
The business, which is ad-free, takes a 20% share of user payments to platform developers. Over 300 developers raise more than $1 million.
Among the lines
The popularity of OnlyFans is indicative of a broader trend toward creator-focused platforms. Cameo, a celebrity-focused website, Patreon, and Substack, a newsletter platform, have all made waves throughout the pandemic.
Although major platforms such as YouTube have long compensated creators, these disruptive companies have forced established platforms such as Facebook and Twitter to introduce new revenue-generating tools for creators in recent months.
OnlyFans is affecting not only the online porn industry, but also the internet economy as it becomes more popular. For its part, the platform is courting artists, fitness practitioners, and even publishers in addition to sex workers. Vice’s Munchies vertical launched on OnlyFans in December.
Rebecca Minkoff, a fashion designer, joined OnlyFans this year to showcase videos from New York Fashion Week.