Leonid Radvinsky, the billionaire owner of OnlyFans, is reported to have earned over $1.2 million a day from the social media subscription site, which is best known for hosting adult content. The annual accounts for OnlyFans’ parent company Fenix International show that in 2023, Radvinsky received a dividend of $472 million, up from $338 million in the previous year. The platform processed transactions worth $6.6 billion in 2023, with revenues reaching $1.3 billion and profits growing to $485.4 million.
The growth in revenue was largely driven by non-subscription-based revenues, such as one-time purchases of pictures or videos, which increased to $765 million in 2023. Subscription revenue also saw a modest increase to $540.8 million. The number of subscribers on the platform grew by 28% to 305 million, while the number of creators increased by 29% to 4.1 million. The majority of OnlyFans’ revenues came from the United States, with Europe and the rest of the world contributing significantly as well.
Radvinsky, a U.S. citizen who was born in Ukraine, has taken dividends of $1 billion from OnlyFans over the past three years, making his estimated wealth now at $3.8 billion. He purchased OnlyFans in 2018 from its British founders Tim Stokely and his father Guy Stokely. The platform gained popularity during the pandemic as a site for adult content, but faced backlash in 2021 when it moved to ban sexually explicit content following pressure from financial companies. OnlyFans later reversed this decision, stating it had the necessary assurances to support its diverse creator community.
Despite the controversies, OnlyFans is looking to expand beyond the adult industry. In 2021, the platform launched OFTV, a video streaming platform similar to YouTube, featuring “safe-for-work” content on fitness, cooking, and music hosted by OnlyFans creators. However, the company faced criticism and scrutiny over age verification measures and instances of sexually explicit content being posted without consent. As OnlyFans continues to shift its focus towards a more diverse range of content, it remains to be seen how it will navigate these challenges in the future.
