Leonid Radvinsky, the owner of OnlyFans, paid himself $631 million (£480 million) over nearly two years as traffic on the online platform continued to rise.
Fenix International, the company behind the platform used by sex workers, musicians, and celebrities, reported pre-tax profits of $658 million for the year ending November 2023, according to recently filed accounts.
The company also reported nearly one million new content creators and over 50 million new “fans” joining the platform during the year, a 29% increase.
These results come as OnlyFans faces an investigation into whether it is doing enough to prevent minors from accessing pornography on its site.
Leonid Radvinsky, a Ukrainian-American owner of adult content sites, acquired the business from its founders, Guy and Tim Stokely, in 2018.
The father-and-son duo originally launched the site in Essex two years prior.
While widely known for its adult content, OnlyFans also features creators focused on various topics such as fitness, music, and comedy. In 2023, it even launched a TV streaming service free from pornography.
According to its latest financial results, OnlyFans reported that its content creators earned $6.6 billion in 2023, with the platform taking a 20% commission from each creator’s earnings.
Mr. Radvinsky’s earnings included $472 million in dividends up to November 2023, followed by an additional $159 million in the subsequent months.
This adds to the $338 million he took home in 2022, bringing his total payout to nearly $1 billion over the last three years. Forbes now estimates his net worth at $3.8 billion.
The platform’s remarkable profitability is achieved with a team of just 41 employees and one director, according to its financial statements.
Keily Blair, the CEO of OnlyFans, described 2023 as a “strong year” for the company.
“We have done this by continuing to provide opportunities for our diverse creator community to monetise their content and grow their global fan base,” she said.
The platform is registered in the UK and has its headquarters in London, but Mr. Radvinsky resides in Florida.
In May, regulator Ofcom expressed concerns that the site might not be taking sufficient measures to prevent minors under 18 from accessing pornographic content.
In response, OnlyFans cited what it described as a “coding configuration issue” that impacted certain “age thresholds” on the platform.
However, the company maintained that those thresholds were always set to be above 20.