In 2016, Tim Stokely and his brother Thomas took out a loan to create a content subscription service the brothers titled “OnlyFans." The idea was to give content creators a place to post exclusive content for paying subscribers.
Two years later, it was purchased by the owner of a cam site, and the platform began focusing on adult or NSFW (not safe for work) content. OnlyFans gained a reputation as a site that hosted pornography, but it has also been used by influencers, musicians, and other content creators -- and thanks to them, the site has now broken the $1 billion revenue barrier.
DON’T MISS: Wells Fargo faces another SEC fine
If OnlyFans had a spicy reputation in 2019, the covid-19 pandemic forced everyone to stay home for a year, turning the platform into a household name. Workers who suddenly found themselves out of a job turned to the content creation site to supplement their income.
More in retail and business:
- Target feels the pressure to change a popular company policy in its hometown
- Dollar Tree's latest change will make shopping at its stores harder
- Analyst Dan Ives believes Tesla's business could bring in $20 billion a year by 2030
The platform -- and its new owner -- have enjoyed skyrocketing success over the years. In 2022, users spent more than $5.5 billion on subscriptions, pay-per-view, and other exclusive content.
Owner of OnlyFans, Ukranian-born Leonid Radvinsky, is pretty reclusive where the press is concerned. But the billionaire has come under scrutiny before thanks to his early career owning a string of websites selling illegal porn-site passwords.
Action Alerts PLUS offers expert portfolio guidance to help you make informed investing decisions. Sign up now.
