The internet subscription service OnlyFans has skyrocketed in user growth in the past few years and is boldly expanding into new markets.
- OnlyFans was started in 2016 by British businessman Tim Stokely, who is best known for investing in online adult content websites.
- The website has skyrocketed in popularity since then, gaining a total of 3 million content creators across the world.
- CEO Ami Gan says there has been an uptake in the past year, with a 40% increase in new creators on the platform.
- She describes OnlyFans as a “global business” and is making efforts to grow markets in Latin America and Australia, Yahoo Life notes.
- OnlyFans reportedly earned revenues of $2.5 billion in 2022, a significant growth from $97 million in 2019.
Why It’s Important
The rise in OnlyFans is reflective of two significant trends in online media—the first is the proliferation of digital media and alternative streaming platforms, and the second is the proliferation of online adult content. While many creators use OnlyFans as a tool for fundraising and audience interaction, similar to Patreon, the platform’s name has become synonymous with online adult content, with the majority (70%) of creators being young women.
Speaking at the recent Web Summit in Rio de Janeiro, CEO Gan spoke optimistically about the growth of the company in the near future.
“We’ve noticed a huge uptick in creators as well as fans joining the platform, and we attribute that to OnlyFans is very much a global business, we’re in over 100 countries. We’re looking at growth for the business, and Latin America is a huge part of that. We’re seeing Latin America is a massive growth region for us and see that opportunity for creators to get exposure to a global audience,” says Gan.
Current OnlyFans owner Leo Radvinsky has grossed $500 million since he purchased the company in 2018.