Owner of OnlyFans Gains $485 Million in Dividends While Company Channels Profits into Ethereum Investment

The proprietor of the renowned British adult content subscription service, OnlyFans, has reaped a staggering sum of nearly $485 million, riding on the heels of the firm’s milestone achievement of surpassing $1 billion in revenue for the first time in 2022.

Leonid Radvinsky, a US-based Ukrainian entrepreneur who acquired OnlyFans in 2018, has seen dividends totaling approximately $485 million flow into his coffers since the commencement of last year. The recent financial accounts filed with Companies House have unveiled this substantial figure. This feat coincides with a significant upsurge in demand for the platform’s services, which predominantly cater to adult content consumers.

Delineating its financial standing, the company has disclosed that a portion of its capital has been invested in the cryptocurrency Ethereum, showcasing its venture into the world of digital assets.

The company witnessed an astounding influx of over 50 million new users over the course of a year leading up to November 2022, accompanied by the addition of more than 1 million new content creators to its platform. A collective sum of $5.5 billion was expended by users on the platform during this period.

The annual sales figure burgeoned by 17%, clocking in at $1.1 billion, while pre-tax profits soared by 21% to reach $525 million within the same time frame.

However, OnlyFans has encountered criticism for its safety protocols. In a BBC News investigation last year, it was revealed that minors had been involved in the sale and creation of videos on the platform, despite the company’s assertions of blocking access for individuals under 18.

In response, OnlyFans has asserted its commitment to providing a secure platform for both creators and fans, exceeding legal obligations and industry standards while simultaneously empowering creators and fans to manage and monetize lawful content.

OnlyFans garners roughly £1 for every £4 generated by content creators on its platform. Certain adult content creators on the platform have amassed substantial wealth, with one even revealing that she had earned over £4 million on the platform, a portion of which was invested in a competing platform.

The platform has also made headlines for its promotional activities. Recently, OnlyFans personality Eliza Rose Watson stirred controversy by displaying billboards featuring a model in a bra top across several London areas. Some residents deemed these ads inappropriate for children, but the UK advertising regulator ultimately ruled that the image did not overtly sexualize or objectify women.

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