by Asad Zulfikar
Social-media subscription service OnlyFans Ltd. paid its owner Leonid Radwinski a $338 million dividend last fiscal year as the porn-friendly platform added users and boosted profits.
Its parent company, Fenix International Ltd., said in a report published Thursday that OnlyFans posted a profit of $403.7 million for the year ended Nov. 30, up 24% from the previous year.
The London-based company, which allows creators to sell content subscriptions directly to followers for a cut of their earnings, is attempting to move beyond a reputation primarily associated with pornography.
Radwinski, an American citizen, has a background in adult entertainment and direct marketing. He is the sole owner of Fenix International and during the last financial year he received a dividend of about $284 million.
As per the report, revenue during the period grew by 17% to $1.09 billion. The total number of creators on the platform grew 47% to 3.2 million, and users grew 27% to 239 million.
OnlyFans “continues to invest in sponsoring 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 promote creative content and enhance brand reputation.
first published: 24 August 2023 | 11:20 p.m. First