OnlyFans Seeks To Raise Funding Round At Over $1 Billion Valuation
OnlyFans, an online site where adult “entertainers” and celebrities charge onlookers for access to videos and photos, is now raising funding at a valuation of more than $1 billion.
The company is profitable, according to Bloomberg, who cited people with knowledge of the matter. With new investors, the company is trying to shake off its reputation for pornography and make a pivot to a more mainstream platform.
Good luck with that.
The site is best known for being home to top earners like rapper Bhad Bhabie, Cardi B and former porn star Mia Khalifa. It also hosts celebrities like professional boxer Floyd Mayweather.
“I’m looking forward to sharing a glimpse into my life and some never-before-seen content while getting to know top fans,” Mayweather said after joining the site.
OnlyFans is hoping it can broaden its reach by allowing more celebrities and athletes to connect with fans. In turn, the site hopes it can generate more ad revenue from potential clients who would shy away from the site’s current reputation.
OnlyFans founder and Chief Executive Officer Tim Stokely said earlier this month: “Athletes are a creator genre we’re seeing a lot of growth in.”
The company handled more than $2 billion in sales last year. Since it takes a 20% fee from sales, that would equate to about $400 million in revenue.
The site is growing at a rate of over 100% per year and has paid out over $3 billion to earners on its platform. It has 1.25 million creators and over 130 million registered users.
The site was founded in 2016 and its popularity grew extensively during the pandemic, as
drunken bar hookups social activities were curtailed on account of Covid lockdowns.
Fri, 06/18/2021 – 08:50
Source: Zero Hedge News
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