From Pandemic Side Hustle to $8 Billion Empire: The Rise of OnlyFans in 6 Numbers

OnlyFans has quietly become one of the most profitable internet-only companies. Financial filings for its parent company, Fenix International, reveal the staggering scale of its growth and just how much money is flowing through the service.

Here are six key figures that highlight the size of the business:

1. Users spent $7.2 billion on the platform in 2024.
Transactions across the site, including subscriptions, tips, and pay-per-view content, totaled $7.2 billion in the 12 months ending November 30, 2024. That’s a 9% increase from 2023.

2. The company earned $1.4 billion in revenue last year.
Because OnlyFans takes a 20% cut of all creator earnings, its revenue rose in tandem with user spending. The platform’s pre-tax profit reached nearly $684 million.

3. Its user base grew to 377.5 million fans.
At the end of 2024, OnlyFans had 377.5 million registered users, a 24% jump in just one year.

4. Creator numbers hit 4.6 million.
The number of people making money on the platform rose 13% in 2024. Creators keep 80% of their earnings, while the company collects the remaining 20%.

5. Owner Leonid Radvinsky has pocketed nearly $1.8 billion.
Since 2021, Leo Radvinsky, who owns Fenix International outright, has paid himself almost $1.8 billion in dividends. In 2024 alone, he collected $701 million.

6. OnlyFans employs just 46 people.
Despite its multibillion-dollar revenues, the company operates with a staff of fewer than 50, making it one of the leanest operations at its scale in tech.

Founded in London in 2016 by Tim Stokely, OnlyFans experienced rapid growth during the pandemic, as many people turned to digital side hustles. Leo Radvinsky, a Ukrainian-born entrepreneur with a background in the adult industry, purchased the business in 2018.

Under his ownership, the company has become a global leader in subscription content, so valuable, in fact, that Bloomberg reported in May that Radvinsky is exploring a sale that could value the platform at $8 billion.

Although it remains synonymous with adult content, OnlyFans has made efforts to broaden its image. Its streaming app, OFTV, promotes “safe for work” categories such as cooking, fitness, and comedy. The company has also expanded its public affairs team to counter political and media scrutiny.

The owner of OnlyFans received $701 million in dividends last year as the subscription platform, best known for its adult content, prepares for a potential multibillion-dollar sale.

According to accounts filed at Companies House, the U.K.-based company reported revenue of $1.4 billion in its 2024 financial year, up 9 percent from the year before. Pre-tax profit also rose 4 percent to $683.6 million.

The majority of those earnings were distributed to Leonid Radvinsky, the Ukrainian-American entrepreneur who owns OnlyFans through its parent company, Fenix International. In total, the company paid $497 million in dividends to Fenix during 2024, with a further $204 million paid directly to Radvinsky in several tranches between December and April. Since acquiring the platform in 2018, Radvinsky has taken home more than $1 billion in dividends.

It was reported in May that Fenix has been exploring a sale of the business at a valuation of around $8 billion, holding talks with a consortium of investors led by the Forest Road Company, a U.S. investment firm.

OnlyFans continues to see strong growth in both users and creators. The number of creators on the platform rose 13 percent to 4.6 million in 2024, while fan accounts increased 24 percent to 377.5 million. Overall, subscribers spent $7.2 billion on the site last year, up from $6.6 billion the previous year.

The platform takes a 20 percent cut of creator earnings, a model that has fueled significant profitability. Chief Executive Keily Blair, a former privacy lawyer who joined OnlyFans in 2021, said the company has expanded beyond adult entertainment into categories including fitness, music, comedy, and reality programming.

Leo Radvinsky, who has kept a low public profile, is based in Florida and describes himself as a venture capital investor. Before acquiring OnlyFans, he owned an adult webcam business. He holds a degree in economics from Northwestern University. Last year, he was named among Forbes' wealthiest Americans, solidifying his position as a major player in the adult industry.

While the platform employs just 46 people directly, it has become a global business with its largest market in the United States. Whether a sale goes forward at the $8 billion valuation under discussion will likely depend on how investors view the platform’s ability to continue diversifying its content while navigating regulatory pressures.

Still, the financial filings make clear that adult content remains the driving force behind its explosive growth and that OnlyFans is not just a cultural phenomenon but a massive business. One that investors are starting to take seriously.