OnlyFans Ltd., the social-media subscription service, paid its owner Leonid Radvinsky $338 million in dividends last fiscal year as the porn-friendly platform added users and boosted profit.
(Bloomberg) — OnlyFans Ltd., the social-media subscription service, paid its owner Leonid Radvinsky $338 million in dividends last fiscal year as the porn-friendly platform added users and boosted profit.
OnlyFans posted profit of $403.7 million in the year ending Nov. 30, up 24% from the previous year, its parent company Fenix International Ltd. said in a report published on Thursday.
The London-based company, which allows creators to sell subscriptions for content directly to followers for a cut of their earnings, has been attempting to move beyond a reputation associated primarily with pornography.
Read More: ‘Secretive’ OnlyFans Tries to Open Up in Move to Mainstream
Radvinsky, a US citizen, has a background in adult entertainment and direct marketing. He is the sole owner of Fenix International and received about $284 million in dividends during the previous fiscal year.
Revenue rose 17% to $1.09 billion in the period, according to the report. The platform’s total number of creators rose 47% to 3.2 million and users rose 27% to 239 million.
OnlyFans has “continued to invest in sponsoring both emerging and established creators across all genres including sports and entertainment,” the company said in its report. The platform launched the OnlyFans Creative Fund last September in an effort to boost creative content and enhance the brand’s reputation.
–With assistance from Thomas Seal.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.