OnlyFans founder Leonid Radvinsky was paid over $700 million in dividends in 2024 amid plans for the online platform to be sold.
The payout to the Ukrainian-American entrepreneur, 43, was disclosed Friday in financial filings for the year ended November 30 by Fenix International Ltd., a London-based company in charge of running the brand.
OnlyFans allows content creators to offer X-rated subscription material directly to fans, a feature that is restricted on other social media platforms.
As of November 30, 2024, the company had a cash balance of $808 million.
The group employs just 46 people directly, reports The Financial Times.
In May, it was reported that the company was exploring a sale at a potential valuation of $8 billion, according to Reuters.
Recent filings showed that revenues had shot up by 9 per cent to $1.41 billion in 2024, compared with the previous year. It took in around $7.2 billion from subscribers over the year, and paid out $5.8 billion back to creators.
The siteâs popularity shows no sign of slowing down, with the total number of creator accounts growing by 13 per cent â hitting 4.6 million.
Creators earn 80 per cent of all payments made by fans on the platform.
Audience-wise, there continues to be a growing demand for the exclusively-paid content, with 377.5 million paying to access photo and video material globally.
The company is headquartered and pays tax in the UK, but takes the majority of its profits from U.S. sales.
According to OnlyFans, âsignificant growth and profitabilityâ was owed to the increase in platform users and higher earnings for existing creators.
Chief executive Keily Blair, who formerly worked as a privacy lawyer, told the FT that OnlyFans had âexpanded in new verticals, demonstrating the strength and potential of the platform across a wide range of genresâ in the year.
Initially founded in 2016 by British entrepreneur Tim Stokely, it was then sold to Radvinsky, a previous owner of adult websites, for an undisclosed sum in 2018.
The site made headlines with the controversy surrounding sexfluencer Bonnie Blue, after she was blacklisted from the content site after touting and posting extreme sex challenges.
Several notorious figures have openly revealed that they post content on the site, including Pro tennis player Sachia Vickery, who is simultaneously competing in the U.S. Open qualifiers while she generates cash on OnlyFans.
The site draws both favorability and condemnation, with some branding it exploitative, while others praise it as a lucrative resource for generating a modern-day income.
OnlyFans is strictly an over-18 website, utilizing facial scanning and other tools to vet its users.
The Independent contacted OnlyFans for comment.
