Leonid Radvinsky, the billionaire owner of OnlyFans, has been raking in profits from the social media subscription site, earning more than $1.2 million a day. The British parent company of OnlyFans, Fenix International, paid Radvinsky a dividend of $472 million in 2023, up from $338 million in the previous year. Transactions processed over the platform grew by 18.9% to $6.6 billion in 2023, with revenues reaching $1.3 billion and profits growing by a fifth to $485.4 million.
The surge in revenues and profits for OnlyFans was driven by non-subscription based revenues, such as one-time purchases of pictures or videos, which grew to $765 million in 2023. Subscription revenue also saw a modest increase to $540.8 million. The platform experienced a 28% increase in total subscribers, reaching 305 million, and a 29% increase in the number of creators, totaling 4.1 million. The majority of the company’s revenues come from the United States, with Europe and the rest of the world accounting for a smaller portion.
Radvinsky, a U.S. citizen with Ukrainian origins, has taken $1 billion in dividends from OnlyFans over the last three years, leading to Forbes estimating his wealth at $3.8 billion. He acquired OnlyFans in 2018 from its British founders and has seen significant growth in the platform’s popularity, particularly during the pandemic when it became known for hosting adult content. OnlyFans faced backlash in 2021 for banning sexually explicit content but later reversed the decision after receiving assurances to support its creator community.
Despite its origins in the adult entertainment industry, OnlyFans is looking to expand beyond that niche. In 2021, the company launched OFTV, a video streaming platform similar to YouTube, featuring “safe-for-work” content on fitness, cooking, and music hosted by OnlyFans creators. The company has faced criticism and investigations for issues related to age verification measures and unauthorized posting of sexually explicit content, but it continues to strive for diversification.
The financial success of OnlyFans has propelled Radvinsky to billionaire status, with his wealth continuing to grow as the platform’s popularity increases. Despite challenges and controversies, OnlyFans remains a lucrative business for its owners and creators, with the potential for further expansion into new content categories. The platform’s ability to adapt and evolve in response to market demands will be key to its long-term success in the competitive social media landscape.
