Porn-friendly creator platform OnlyFans is still making money hand over fist — but its growth in 2024 cooled off compared to the torrid pace of prior years.
In fiscal 2024, the company reported $7.22 billion in gross revenue, an increase of 9%, representing fan payments to creators on the platform. Net revenue hit $1.41 billion (up 8%) and OnlyFans pre-tax profit was $684 million (up 4%) for the fiscal year ended Nov. 30, 2024, according to its annual report released Friday.
The latest OnlyFans results show its revenue and earnings growing at a slower pace than in past years. In 2021, OnlyFans saw gross revenue shoot up 118%, driven by the global COVID pandemic, followed by annual increases of 16% and 19% in 2022 and 2023, respectively.
Meanwhile, the increase in the number of OnlyFans users and creators outpaced the company’s financials. The total number of creator accounts grew by 13% to 4.634 million and the total number of fan accounts grew by 24% to 377.5 million for fiscal 2024. OnlyFans, which shares 80% of fan payments with creators, paid $5.80 billion to creators last year, and increase of 9%.
“In 2024 OnlyFans continued to grow its revenue and global user base,” OnlyFans CEO Keily Blair said in a statement. “We expanded in new verticals, demonstrating the strength and potential of the platform across a wide range of genres. “With a number of significant brand and individual partnerships, particularly in sport, OnlyFans continued to enhance its reputation as a foundational element of the wider creator economy.”
OnlyFans owner Leonid Radvinsky, 43, earned $497 million in dividends for the 2024 fiscal year, up from $472 million the year prior. Fenix International Ltd., parent of OnlyFans, reported 46 total employees for 2024; the company also employs a large number of third-party contractors to run the site.
In recent months, Radvinsky has been shopping OnlyFans — seeking a deal that would value the company at a cool $8 billion. One of the parties that has been in talks to acquire OnlyFans is Forest Road Co., an L.A.-based investment firm that has interests in media and entertainment.
Popular creators on OnlyFans include Carmen Electra, Bhad Bhabie, Mia Khalifa, “The Sopranos” star Drea de Matteo and Sophia Rain (who made a $1 million pledge to MrBeast and Mark Rober’s TeamWater charity). The company also has embarked on an effort to recruit non-porn creators, including comedian Whitney Cummings, and in 2021 launched OFTV, a safe-for-work free streaming service with original content designed in part as a way to let creators promote their core OnlyFans pages.
In 2024, “the success of OFTV has opened new avenues for growth and audience engagement,” according to Blair. “As we look to the future we will continue to invest in trust and safety tools which benefit our community and provide the best opportunities for creators to promote and monetize their content with a global fanbase.”
Among the risk factors on Fenix’s annual report, the company lists “lawsuits and liabilities” with this comment: “The Group is a target for opportunistic litigation claims, particularly class actions in the USA. The Group will continue to treat all litigation claims with the utmost seriousness and will vigorously defend them when appropriate.”
OnlyFans “has a clear focus on maintaining strong relationships with its financial partners, regulators, and key stakeholders globally,” the company said in the 2024 annual report. “We have taken steps to ensure operational continuity by investing in technology, enhancing trust and safety measures and building a broad financial network. This enables us to safeguard the seamless flow of funds from Fans to Creators and manage the risks related to foreign exchange and credit.”
variety.com
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