24 August 2023 , 17:40
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The secretive owner of OnlyFans paid himself a £267million bonanza as the adult content website saw business boom.
The windfall for Florida-based Ukrainian adult entertainment baron Leonid Radvinsky is on top of a £224million payout in 2021. It came as accounts revealed the number of “creators” on the website rocketed 47% to almost 3.2million in 2022, with the number of “fans” soaring by 27% to 238.8million.
OnlyFans was launched by Essex entrepreneur Tim Stokely, the son of a banker, in 2016, allowing adult performers to charge fans monthly subscriptions and taking a commission. Though the site became known for its risqué content, it also has paid-for video from fitness trainers, models and others.
Mr Radvinsky bought the London-based business in 2018 for an undisclosed sum after building an empire of porn sites. The 41-year-old maintains a low profile and lives in a lavish £4million gated mansion in Florida. Little is known about his private life, although he is said to want to become a helicopter pilot.
OnlyFans collects around £1 for every £4 made by content creators (NurPhoto via Getty Images)His personal website gives brief details about his investments. He is said to be an active philanthropist, and has donated $5million to Ukraine relief efforts. OnlyFans collects around £1 for every £4 made by content creators on its platform. Newly released Companies House accounts for Fenix International, OnlyFans’ parent company, showed fans spent £4.3billion in the year to the end of November year. That saw revenues for the company increase by over £125million to over £860million.
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Profits jumped from £342million to £415million. According to the accounts: “OnlyFans’ mission is to empower content creators to own their full potential. The site is only accessible by people who are over 18 years old and who have completed the user onboarding process.”
OnlyFans was in the news this week after giant billboards featuring a model from the site were cleared by the UK’s advertising watchdog despite a string of complaints. The Advertising Standards Authority ruled that because the posters were not “overtly sexual” and “did not objectify women” they were unlikely to offend. The accounts also showed the company has invested in cryptocurrency Ethereum.
The number of “fans” signing up to the website surged by more than 50 million in the past year alone. Of the revenues generated, the bulk comes from the USA. The UK and rest of Europe accounted for £126million, mostly through commission. Despite its scale, the Fenix accounts showed the business employed just 53 people in 2022, down from 61 in 2021.
The highest paid director got just over £5million. The company paid £77million in UK tax on its profits. The accounts also revealed it bought a company, not disclosed, from one of its directors for almost £25million.