OnlyFans owner gets $701 million dividend payout
OnlyFans paid its owner Leonid Radvinsky $701 million in dividends ahead of a potential sale of the adult-content social network.
The payout was disclosed in financial filings Friday by Fenix International Ltd., the London-based company that runs the platform. The company, which allows content creators to offer subscription material directly to their fans, is exploring a sale at a potential valuation of $8 billion, Bloomberg reported in May.
OnlyFans makes money by taking a 20% fee on any subscriptions or content including videos, pictures and chats sold via the platform. It skyrocketed in popularity during the Covid-19 pandemic, when many sex workers and celebrities were looking for ways to make money during lockdowns. While much of the content is pornographic, the site also hosts creators focused on other topics such as fitness and food.
The filing, for the year ended Nov. 30, showed that $7.2 billion in payments were processed through the platform, up from $6.6 billion in 2023. Pretax profit was $684 million for the year, up about 4%. Creator accounts grew 13% to 4.6 million, while fan accounts were up 24% to 377.5 million.
Radvinsky, the sole owner of Fenix, received $497 million in ordinary dividends as well as an additional $204 million in five tranches paid after the reporting date. In all, the Ukrainian-American entrepreneur has received about $1.8 billion from the platform since 2021. The company disclosed dividends of $472 million in 2023, $338 million in 2022 and $284 million the year before that, according to filings.
OnlyFans has been exploring a number of sale offers this year, Bloomberg previously reported, citing a person familiar with the matter. Among those weighing a bid was a consortium led by investment firm Forest Road Co., Reuters reported, citing sources it didn’t identify.
It’s a tricky acquisition target. The platform faces long-running concerns about online safety and the explicit nature of some of its content. The company has said that moderators review all content that’s posted and that it checks to make sure creators are over 18.
The company reported having 46 employees, including one director. OnlyFans paid out $45.4 million in wages, social security payments and pension contributions, up 64% from a year ago and averaging almost $1 million per employee. Remuneration for the highest paid director jumped to $9.7 million from $4.7 million.
Publicity-shy Radvinsky has previously said on the “giving” section of his personal website that his goal is to “one day be in a position to sign the Giving Pledge,” referring to the promise by some of the world’s wealthiest to give away the majority of their fortunes.
Radvinsky bought a majority stake in OnlyFans in 2018 from its British father-and-son founders Guy and Tim Stokely, who founded the site in 2016. Born in the Ukrainian port city of Odesa, Radvinsky’s family moved to Chicago when he was a child. He now lives in Florida, according to his website.