The content subscription service monetized the people’s pandemic boredom.
OnlyFans revenue popped 553% to ~$390 million in the year to November, after lockdowns left consumers looking for entertainment and out-of-work performers looking for a place to provide it, reports the FT. The London-based platform offers sex workers, fitness influencers, and celebrities like rapper Cardi B an avenue to connect directly with fans and get paid via subscription services plus tips.
By the numbers: In addition to massive revenue growth during the pandemic…
- The total value of transactions increased 7x.
- Its user base grew from less than 20 million to more than 120 million.
- Over 300 creators earned more than $1 million in 2020.
But does NSFW mean not safe in general? Earlier this month, subscribers faced backlash after rapper Bhad Bhabie broke the OnlyFans record by making $1 million in under six hours, after turning 18 only the week before.
Looking ahead…CEO Tim Stokely, who founded the website in 2016 with his father, told the FT he has no plans to crack down on adult content creators or take the company, which is one of the UK’s leading tech startups, public.