Leonid Radvinsky, the billionaire owner of OnlyFans, has seen a massive increase in his wealth, with the social media subscription site generating over $1.2 million per day. Annual accounts for OnlyFans’ parent company Fenix International show that Radvinsky received a $472 million dividend in 2023, up from $338 million in the previous year. The platform saw a significant increase in transactions processed, reaching $6.6 billion in 2023, with revenues growing to $1.3 billion and profits increasing by a fifth to $485.4 million.
The growth in revenue was largely driven by non-subscription based purchases of content, which grew to $765 million in 2023. Subscription revenue also saw a modest increase to $540.8 million, with the total number of subscribers expanding to 305 million and the number of creators on the platform increasing to 4.1 million. The majority of OnlyFans revenues, totaling $863 million in 2023, came from the United States, with Europe and the rest of the world contributing $443.2 million.
Radvinsky, a U.S. citizen with Ukrainian roots, has profited significantly from OnlyFans, with Forbes estimating his wealth at $3.8 billion. He purchased the site in 2018 from British founders Tim Stokely and Guy Stokely when it was much smaller. OnlyFans faced backlash in August 2021 after announcing a ban on sexually explicit content due to pressure from financial institutions, but quickly reversed this decision. The platform has faced criticism for its handling of sexually explicit content and age verification measures, with Ofcom launching an investigation.
Despite its origins in showcasing adult content, OnlyFans has been working to diversify its offerings. In 2021, the company launched OFTV, a video streaming platform featuring “safe-for-work” content on fitness, cooking, and music, hosted by OnlyFans creators. This move towards more mainstream content comes as OnlyFans aims to expand its reach beyond the adult entertainment industry. Radvinsky and OnlyFans continue to navigate challenges and controversies while seeing impressive financial success.
