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OnlyFans has more fans than ever.
The subscription content platform, known for its pornographic content, had 377.5 million users at the end of 2024, according to newly published financial filings for its parent company Fenix International. That number is up 24% from the same time in 2023.
And those users are spending money: Payments through the platform grew 9% last year, hitting $7.2 billion in the 12 months ending November 30, 2024. As potential earnings on the platform flowed, the number of creators on OnlyFans surged 13% during the period to 4.6 million.
That influx of creators and fans drove up the company’s revenue, which is based on a cut of all transactions on the platform, to $1.4 billion.
The platform, founded in 2016, exploded in popularity during the pandemic. OnlyFans creators, who earn 80% of the revenue they bring in, offer subscriptions to their content and sell add-ons, like bespoke videos, tips, and direct messaging.
While OnlyFans has minted several millionaires, its continued growth has benefited no one more than Leonid Radvinsky, who owns the company and its parent, Fenix, outright with no external financing and no debt.
In the 2024 fiscal year, Radvinsky earned $497 million in dividends, according to the company filings. Since that reporting period, he’s earned another $204 million from OnlyFans. In total, he’s earned nearly $1.8 billion in dividends since 2021.
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Radvinsky, a private Ukrainian-born adult entertainment entrepreneur, purchased OnlyFans in 2018, two years after its founding. The amount he paid has not been disclosed, but the company’s 2018 profit and comprehensive income were about $1.9 million. Six years later, that figure has grown to $520 million.
The company is a lean operation, with only 46 employees.
In May, Bloomberg reported that Radvinsky is exploring a sale of the company at an $8 billion valuation.
Over the years, OnlyFans has attempted to move beyond its reputation as a platform for pornography, touting the variety of creators who use its subscription model. It plans to “develop its public affairs and government relations strategy to address any misconceptions about OnlyFans as portrayed in the media,” the company said in its filings.
Most recently, it has touted OFTV, an on-demand streaming platform with safe-for-work content, “including categories such as fitness, cooking, comedy, music, and reality TV.”
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