Onlyfans paid its owner, Leonid Radvinsky, $ 701 million in dividends amid negotiations for a possible sale of the adult content social network.
Payment was released in financial records on Friday by Fenix International Ltd., a London-based company that manages the platform. The company, which allows content breeders to offer a signature material directly to fans, studies a sale that can evaluate the business up to $ 8 billion, Bloomberg said in May.
Onlyfans profits charging a 20% rate on signatures and content – including videos, photos and chats – sold by the platform. The site fired in popularity during the Covid-19 pandemic, when many celebrities and sex professionals sought new ways to make money during the lockdowns. Although much of the content is pornographic, the platform also houses creators focused on topics such as fitness and gastronomy.
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The balance, for the year ended November 30, showed that $ 7.2 billion were processed by the platform, against US $ 6.6 billion in 2023. The before tax profit was $ 684 million, up about 4%. The number of breeders accounts grew 13%to 4.6 million, while fan bills increased by 24%to 377.5 million.
Radvinsky, the sole owner of Fenix, received $ 497 million in ordinary dividends, plus $ 204 million in five additional installments paid after the balance sheet date. In total, the Ukrainian-American businessman has received about $ 1.8 billion from the platform since 2021. Records also show dividends of US $ 472 million by 2023, $ 338 million by 2022 and $ 284 million by 2021.
Onlyfans has evaluated different acquisition proposals this year, according to Bloomberg. Reuters agency reported that a consortium led by manager Forest Road Co. would be among those interested.
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The platform, however, is considered a complicated target. It faces recurring criticism related to online safety and explicit character of part of the content. The company states that all material posted is moderated and that there is checking to ensure that breeders are over 18 years old.
The company reported having 46 employees, including a director. Spending on salaries, social and social security contributions was US $ 45.4 million, up 64% over the previous year, with an average of almost $ 1 million per employee. The highest paid director’s remuneration jumped from $ 4.7 million to $ 9.7 million.
Discreet and averse to the media, Radvinsky has already stated in the philanthropy section of his personal site that his goal is “one day to sign the Giving Pustge”, a commitment made by some of the richest in the world to donate most of his fortunes.
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He bought Onlyfans’ majority participation in 2018, from British Guy and Tim Stokely, father and son who founded the site in 2016. Born in Odessa, Ukraine, Radvinsky moved a child to Chicago, and today lives in Florida, according to his site.
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