It’s a strange new world. Snoop Dogg became the highlight of the Paris Olympics, people are lining up at 3AM outside of Target for a cup, and a site primarily known for its adults-only content has officially out-earned the oil industry.
You read that correctly.
In 2022, OnlyFans generated more than $1 billion in revenue, which was a 17% increase from 2021. Since then, the company has had to pay more in UK corporate taxes than the North Sea oil industry. You know, the North Sea oil industry that went viral at the beginning of the year for highly-paid jobs, treacherous white-capped waves, and that audio featuring the barbershop quartet from Hell.
Is this a fluke, or is it a testament to the creator economy? Well, let’s take a closer look at the big picture here.
At its inception, OnlyFans was intended to be a platform where content creators could exclusively post their work— be it in a bikini or a chef’s coat— in exchange for paid subscriptions. Because humans are humans, the platform quickly became THE hub for adult content creators to go to post their content. Because the internet is the internet, word spread quickly, and OnlyFans rapidly grew in popularity for both content creators and consumers.
The quick rise in success can partially be attributed to the pandemic, when a large swath of the population of earth suddenly found themselves unable to leave home to go out and earn a living. However, given that the platform continues to bring in record breaking profits, it’s safe to say that it’s here to stay. Regardless of the reason for the platform’s success, $6.6 billion is not a small number.
Nor is the $338 million in dividends that company owner Leonid Radvinsky enjoyed in 2022.
The numbers speak for themselves, yes. But what are they saying?
They point to the continued rise of digital entrepreneurship, and an increased demand for direct to consumer content. In a time when influencers are getting censored by algorithms and getting lost in the doomscroll, content creators on OnlyFans are able to take ownership of their own businesses. They are fully in control of their channels, can make custom content for their subscribers for an extra charge, have the full protection of a platform that is aggressively on the lookout for bad actors, and best of all; they don’t have to meet clients face to face in order to continue earning a profit. Many OnlyFans content creators also speak of a sense of empowerment they feel from operating their OF business. Whether reclaiming their sexuality, speaking candidly without using idiotic algospeak to avoid censorship, or simply feeling empowered by having full control of every aspect of their business, the reality is that the platform offers something that content creators want— 4.1 million of them in 2024— and that consumers cannot get enough of.
The question begs to be asked…what’s next?
Will OnlyFans continue to lean into its image as a safe place for adult content creators? Will content creators continue to flock to the platform like seagulls to a French fry? Will the supply be able to keep up with the demand?
Only time will truly tell, but it’s undeniable that OnlyFans showcases the sheer power of the creator economy. OnlyFans model of shifting the power from a corporate boss to the individuals providing the work isn’t likely to go anywhere any time soon. Apparently people enjoy being able to make money from their content without relying on gatekeepers, algorithms, or middlemen for a paycheck? Crazy.
