Though a private company, Fenix International (“OnlyFans”) is a UK company and therefore required to publicly disclose certain information pertaining to its business and operations. And while these disclosures are limited, they reveal enough about the OnlyFan’s revenues, profits, scale, defensibility, reach, and impact to say that it is probably the most successful UK company founded since DeepMind in 2010, and the most significant media platform founded since TikTok (via Musical.ly in 2014), and dedicated creator economy platform… ever.
In 2024, OnlyFans generated $6.3 billion in gross revenues, up from $300 million five years earlier. Though the company is unlikely to ever match its pandemic growth rates given its current scale, revenues in FY 2023 grew 19% (or $1.1 billion) year-over-year, three percentage points greater than 2022 (which grew $754 million). Though OnlyFans is based around subscriptions, over 60% of consumer spending is now via transactions (and unlike say, Candy Crush, these are not micro transactions but instead add-on purchases that can cost dozens of dollars or more). Indeed, subscription revenues are up only 9% since 2021 (or $227 million) whereas transactional spending is up 70% (or $1.6 billion), representing 88% of total growth.
OnlyFans' revenue growth over the years.
OnlyFans revenues are now believed to be twice that of pornography giant Aylo (formerly known as MindGeek), which owns PornHub, Brazzers, RedTube, YouPorn, and XTube, and the platform counts over 300MM registered users (not all of whom pay or are active, but no such disclosures have been made). Two-thirds of revenues are from users in the United States, with the UK plus Europe accounting for another 16%, and the remaining 17% from the “Rest of World.”
Revenue growth is propelled by growing brand awareness (including the genericization of "OnlyFans" to mean intimate creator subscription), the addition of high-profile creators such as Cardi B, Bella Thorne, Denise Richards, Carmen Electra, Larsa Pippen, Tyga, DJ Khaled, and Fat Joe (some of whom do not offer any pornographic content), regulatory action that has forced many X-Rated market leaders to delete the majority of their catalogues, and the decisions of social media networks such as Reddit and Tumblr to ban pornography, creating a market vacuum. Many OnlyFans creators now treat sites such as Reddit, Imgur, Instagram, TikTok, and Twitter as “front doors” for OnlyFans customer acquisition.
Another reason for OnlyFans' success is its high revenue share rate – 80% – which far exceeds that which a creator might get as a performer working for a production company or other agency. In totality, OnlyFans is slowly consuming the entire porn industry because creators and pornstars alike can make more money, in a safer way, while having greater autonomy and offering audiences experiences that feel more authentic, differentiated, and valuable.
OnlyFans creators' earnings distribution.
Over the past five years, OnlyFans creators have collected over $15 billion – with $5.3 billion paid in 2023, a 19% increase year-over-year. As a point of comparison, total NBA salaries during the 2023-2024 season was $4.9B, Premier League payroll was just under $5.3, and the cap for the NFL was $7.2 billion. Of course, these leagues count 500-1,700 players each whereas OnlyFans has some 4.1 million creators.
However, OnlyFans is an open platform (any legal adult with a bank account can become a creator) whereas these leagues include only the very best players of a vastly larger system of developmental, semi-professional, collegiate, and hobbyist leagues. And as tends to be the case with UGC platforms, OnlyFans earnings are highly concentrated among top creators who collect the vast majority of revenues while most creators take home very little.
Mathematically, the average OnlyFans creator grosses roughly $1,800 annually (of which $1,450 nets to the creator). But according to data previously displayed on OnlyFans’ internal creator dashboards, creators in the top 0.1% collect 15x as much as the average creator in the top 1%, and 100x that of those in the top 10%.
In 2023, the platform had net revenues of $1.3 billion and gross profits of $819 million. After all overhead, operating profit was $649 million (50% of net revenue and 10% of gross revenues), with the last five years totaling $1.74 billion ($400 million was then paid in taxes). The company counted an average of only 42 employees in 2023, down from 61 two years earlier. During the year, it generated $31MM in net revenue per employee and $15.5MM in operating profit.
OnlyFans' financial performance.
OnlyFans has paid its two owners $1.1 billion in dividends since 2019, with $472 million paid in 2023 alone. Remarkably, Leonid Radvinsky, who had previously founded a pornographic livestream company, bought 75% of OnlyFans in 2018, at which point profits had (likely) not yet passed one million on a cumulative basis.
For several years, a number of direct competitors to OnlyFans have emerged, some of whom offer greater revenue sharing with creators, too. Yet, OnlyFans' two-sided marketplace scale (i.e., with users and creators) has proven durable, not just lucrative.
There are, however, two interesting questions beyond “How much bigger can OnlyFans become?” First, will (the appropriately renamed) X be successful in attacking the category and how will it affect OnlyFans? In June 2024, Elon Musk ended the platform’s ban on pornography – a move that came not long after it launched paid subscriptions and gated messaging. Second, how might Generative AI, inclusive not just of images and videos, but also personified agents, affect the category.
Generative AI's potential impact on OnlyFans.
It’s just as easy to imagine demand for the “real thing” going down due to the emergence of more substitutes as it is to imagine the premium for parasocial authenticity going up. And yet only Generative AI “creators” will truly do whatever “you” want and only for you. And unlike real ones, they speak in every language and are available at any time (and eventually, in immersive 3D).
Remember these 3 key ideas for your startup:
Revenue Diversification: OnlyFans' shift from subscription-based to transaction-based revenue shows the importance of diversifying income streams. Startups should explore multiple revenue models to maximize growth and stability.
High Revenue Share: Offering a high revenue share to creators has been a significant factor in OnlyFans' success. Consider how you can provide value to your partners or users to foster loyalty and growth.
Leveraging Social Media: OnlyFans creators use platforms like Reddit, Instagram, and TikTok for customer acquisition. Utilize social media as a front door for your business to drive traffic and engagement.
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