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For some, business is booming. I’m talking about OnlyFans, the site that took off during the pandemic last year as people at home actively searched for photos of hot women. Ask them why.
Bloomberg reports Thursday that OnlyFans is looking to raise new funding to set its company at a $1 billion valuation.
At first glance, this seems like a reach. It’s not. OnlyFans is already profitable and made more than $400 million last year through a 20% fee from more than $2 billion in sales.
OnlyFans has paid out more than $3 billion to its 1.25 million creators, the report adds.
This year alone, OnlyFans is growing at a rate of over 100%.
There is a kicker, though. OnlyFans is working with an adviser to shed its reputation as a porn site to attract traditional venture capital investors, which it has struggled to reach. The idea is to pivot away from semi-porn to a site on which celebrities and athletes can connect with fans. Floyd Mayweather and Cardi B recently took their brands to OnlyFans.
“Athletes are a creator genre we’re seeing a lot of growth in,” OnlyFans founder and Chief Executive Officer Tim Stokely said.
You decide what’s better.
Props to OnlyFans. What a company. What an idea. What a vision.