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.
Related | Twitter Is Working On A New Tipping Feature For Creators
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.
You might also like
More from Other Platforms
Instagram Is Testing A ‘Top 3’ Sticker To Boost Engagement
According to reports, Instagram is testing a new Top 3 sticker for Stories, allowing users to highlight favorite accounts, places, …
TikTok Keyword Insights: Find The Right Keywords For Your Ads
TikTok unveiled a new "Keyword Insights" tool to help marketers find the keywords and phrases that resonate with audiences in …
Do LinkedIn Pods Work? Performance Insights And Key Learnings
In this month’s social media experiment, we set out to find out what LinkedIn pods are and whether they actually …
TikTok Introduces Sounds For Business For Quick And Engaging Content Creation
TikTok is launching Sounds for Business, a new collection of sounds designed as templates for quick and engaging content creation.TikTok …
Facebook And Instagram Start Selling Blue Checks With Meta Verified
Meta Verified will give you a blue check badge on both Facebook and Instagram, along with other benefits for $12 …
Instagram Is Pulling The Plug On Live Shopping
Meta announced it will move away from live shopping on Instagram, removing the ability for users to tag products in …
TikTok Is Testing Refresh, A New Feature To Reset Your For You Page
TikTok Refresh will help you reset your For You page algorithm, your watch history, and past interactions, so you can …
TikTok Is Now Banned On All Devices Issued By The US House Of Representatives
The chief administrative office of the House issued a directive establishing TikTok, the popular social media app, as a security …
How To Search Reddit Comments From The Search Bar
Users will now be able to search Reddit comments within a specific post right from the search bar.This new search …