Daily Management Review

OnlyFans owner to get $500M in unanticipated revenue over two years


Owner of the exclusive content subscription business OnlyFans, Ukrainian-born Leonid Radvinsky, will receive an additional $500 million in income.

The U.S. billionaire of Ukrainian ancestry Leonid Radvinsky is the owner of the subscription platform OnlyFans, which on September 1 declared a seven-fold rise in income and disclosed the amount of payments made to him over a two-year period totaling more than $ 500 million.

The service helps artists sell videos, messages, and articles to their admirers directly through the platform. By the end of 2020, the website had become wildly successful and its founder, the entrepreneur of Ukrainian ancestry with roots in Florida, had amassed a net worth of $1 billion.

In 2018, Radvinsky, aged 40, acquired roughly 75% of OnlyFans, a developing but little-known business. 80% of the company's $400 million in revenue in 2020—a 540% increase over 2019—came from consumers in the United States. While the overall number of followers who pay for subscriptions increased by more than 500% to 82 million in the first year of the coronavirus pandemic, the number of content creators reached about 1.6 million and featured celebrities like Cardi B, DJ Khaled, Fat Joe, and Rebecca Minkoff.

source: ft.com