OnlyFans has paid its owner Leonid Radvinsky $US701 million ($1.1 billion) in dividends, including a record amount for 2024, ahead of a potential sale of the adult-content social network.
The payout was disclosed in financial filings by Fenix International, the London-based company that runs the platform. The company, which allows content creators to offer subscription material directly to their fans, is exploring a sale at a potential valuation of $US8 billion, Bloomberg reported in May.
Leonid Radvinsky bought a majority stake in OnlyFans in 2018 from its British father-and-son founders Guy and Tim Stokely, who founded the site in 2016.Credit: Facebook/LeonidRadvinsky
OnlyFans makes money by taking a 20 per cent fee on any subscriptions or content including videos, pictures and chats sold via the platform. It skyrocketed in popularity during the Covid-19 pandemic, when many sex workers and celebrities were looking for ways to make money during lockdowns. While much of the content is pornographic, the site also hosts creators focused on other topics such as fitness and food.
Radvinsky, the sole owner of Fenix, received $US497 million in ordinary dividends as well as an additional $US204 million in five tranches paid after the reporting date. In all, the Ukrainian-American entrepreneur has received about $US1.8 billion from the platform since 2021. The company disclosed dividends of $US472 million in 2023, $US338 million in 2022 and $US284 million the year before that, according to filings.
OnlyFans has been exploring a number of sale offers this year, Bloomberg previously reported, citing a person familiar with the matter. Among those weighing a bid was a consortium led by investment firm Forest Road, Reuters reported, citing sources it didn’t identify.
It’s a tricky acquisition target. The platform faces long-running concerns about online safety and the explicit nature of some of its content. The company has said that moderators review all content that’s posted and that it checks to make sure creators are over 18.
The filing, for the year ended November 30, showed that $US7.2 billion in payments were processed through the platform, up from $US6.6 billion in 2023. Pretax profit was $US684 million for the year, up about 4 per cent. Creator accounts grew 13 per cent to 4.6 million, while fan accounts were up 24 per cent to 377.5 million.
The company, which allows content creators to offer subscription material directly to their fans, is exploring a sale at a potential valuation of $US8 billion.Credit: Getty Images
The company reported having 46 employees, including one director. OnlyFans paid out $US45.4 million in wages, social security payments and pension contributions, up 64 per cent from a year ago and averaging almost $US1 million per employee. Remuneration for the highest-paid director jumped to $US9.7 million from $US4.7 million.
