OnlyFans proves that there are still ways to make money without ads. The company also reported $74 million in pre-tax profits.
And no, it’s not only about sex.
You may have dismissed OnlyFans as the platform for sex workers and celebrities. But the United Kingdom-based company, which was only launched back in September 2016, has been a big winner of the pandemic economy. The platform took in revenues of $390 million and pre-tax profits of $74 million between November 2019 and November 2020, according to a new report by the Financial Times.
OnlyFans’ revenue grew by a stunning 553% year-over-year. The company confirmed that its user base now totals around 120 million daily active users, rising from just under 20 million pre-pandemic. Internally, the headcount grew from 150 employees to a little over 400 today.
OnlyFans does not have ads on its platform. Instead, it takes a 20% cut on user payments on the platform. The platform has also been very lucrative for Creators, some of whom earned more than $1 million.
The company owes its success to a larger trend toward creator-focused platforms, marking the transformation from social to entertainment platforms. OnlyFans is now working to become more mainstream and open its platform to creators beyond the sex industry, courting musicians, fitness professionals, and even publishers.
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