The owner of the subscription platform OnlyFans was paid a $472m (£359m) dividend last year, taking his payouts from the business since 2020 to more than $1bn.
Leonid Radvinsky has received a total of just under $1.3bn over the past four years from the site, which offers users subscriptions to material provided by creators and is synonymous with adult content.
The payout to Radvinsky, a 42-year-old Ukrainian-American entrepreneur, followed a strong financial year for the site, detailed in results for its parent company, Fenix International, published on Friday.
OnlyFans, which has an 18+ age limit, posted revenues of $1.3bn in the year to 30 November 2023, an increase of 20% on the previous year, while its pre-tax profit rose by a quarter to $658m. The number of creator accounts grew to more than 4m while the number of fan accounts reached 305m, both representing increases of nearly 30%.
Keily Blair, the chief executive of OnlyFans, said: “OnlyFans had a strong year in 2023. We have cemented our place as a leading digital entertainment company and a UK tech success story. We have done this by continuing to provide opportunities for our diverse creator community to monetise their content and grow their global fan base. This is evidenced by the increase in creator numbers, fan numbers and revenue.”
OnlyFans creators take 80% of their subscription, with the remainder going to the company. However, creators can also make money from tips and pay-per-view content, with non-subscription revenue now the biggest revenue generator for the platform. Users spent a record $6.6bn on OnlyFans last year.
OnlyFans was founded in 2016 by the then 33-year old British entrepreneur Tim Stokely, who was joined by his father Guy, a former banker, as a director. The business was sold to Radvinksy for an undisclosed sum in 2018 and saw its revenue boom during the coronavirus pandemic, making it one of the UK’s most successful tech startups – paying $149m in corporation tax to the Treasury last year.
Source: theguardian.com
