OnlyFans’ pre-tax profits soar to 18.5 billion baht as user numbers surge
OnlyFans, the renowned online platform for content creators, has reported a staggering dividend of US$338 million, equivalent to approximately 11.9 billion baht. Phoenix International, the parent company of OnlyFans with its headquarters in England, disclosed that annual profits have soared beyond US$500 million (17.6 billion baht). This follows an influx of more than three million creators and over 240 million platform users.
Leonid Radvinsky, the sole shareholder of Phoenix, has individual assets exceeding US$2 billion (70 billion baht). Documents submitted by Phoenix to the Companies House reveal an investment exceeding US$5.5 billion by the end of November 2022, an increase from US$4.8 billion in 2021.
Pre-tax profits for the same period escalated to US$525 million, an increase from US$432 million from the previous year. Meanwhile, the number of OnlyFans creators rose by 47%, almost 3.2 million people, while platform users increased by 27%, nearly 239 million people.
The company also highlighted that for the first time, over half of the revenue came from services not tied to subscriptions, such as tips and creator-generated content.
The company earned about one in five parts, with approximately 80% paid to creators. Established in 2016 by father and son, Tim Stokely, it was later sold to Ukrainian-American businessman Radvinsky, owner of the MyFreeCams website, in 2018.
The platform has since grown and generated sustainable profits, as seen from the increasing number of creators and users, and rising creator revenue. This is due to the increase in usage of OnlyFans and other streaming sites during the lockdown due to the Covid-19 outbreak, which forced people to stay at home.
The success of OnlyFans is seen through the lives of its users. For example, Valery Lopez and Brandon Mena, young Venezuelans, used the English content subscription service OnlyFans to overcome the economic crisis, reports KhaoSod Online.
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