The COVID-19 pandemic lockdowns of 2020 resulted in a huge boom for adult content creators on OnlyFans, and as a result, the company is reportedly seeking a valuation of over $1 billion.
Per Bloomberg, the platform is hoping such a valuation could lead to a change in its reputation as a website for pornography and other adult content, expanding into more mainstream media. For instance, OnlyFans wants to allow celebrities, athletes, and musicians to utilize the service to better connect with fans, more akin to Fat Joe and DJ Khaled’s OnlyFans account. The company is also seeking to get more advertisers on board, but many could be hesistant to do business with a company often associated with homemade pornography.
In 2020 alone, OnlyFans took in over $2 billion in sales, resulting in an impressive $400 million in revenue following its 20 percent cut of creator fees. During the pandemic, OnlyFans increased in popularity tremendously, with many turning to the service to make money or seek more personalized adult content. Of course, there were also fitness instructors and chefs using the service successfully, but that hasn’t stopped the company from getting a reputation as a porn service in the eyes of many.
As the New York Post pointed out, the reason OnlyFans could be looking to shed some of its NSFW image could be attributed to how many venture capital firms and their investors are often prevented from investing in industries that include pornography, alcohol, or firearms. The reason being, is that they often don’t want any of these business proceedings to tarnish their reputation. Last year, however, it was reported that the number of OnlyFans creators increased by around 40 percent, while the number of users went from 7.5 million to 85 million.