''OF'' Owner, Leonid Radvinsky's, Amasses Hundreds of Millions in less than 2 years
Founded in 2016 by in London, the website has grown exponentially in the past few years and now boasts more than two million content creators who have collectively earned almost $4 billion since its launch.
Even more remarkable is the fact that the site's reclusive owner, Leonid Radvinsky, has managed to amass more than $500 million in dividends from his stake in the company in less than two years.
OnlyFans has become popular among celebrities, who use it to monetize their content and interact with their fans. From Cardi B and DJ Khalid to reality TV stars and professional athletes, the platform has become an increasingly important part of their brand.
The platform takes a 20% commission fee from creators, yet despite this, it more than doubled its revenue in 2021 compared to 2020 – rising from $358m to $932m. Pre-tax profits also soared from $61m in 2020 to $433m.
In August, the platform announced it would ban sexually explicit content only to reverse the decision days later following an outcry from creators. Last month, OnlyFans also laid off an unspecified number of employees as part of a reshaping of certain teams.
It will be interesting to see how OnlyFans fares in the years to come. With its owner raking in millions and millions from the site, it looks set to remain a significant player in the industry for some time yet.
Source: Business Insider