London-based adult streaming site OnlyFans’ parent company Fenix International raked in profits once again in the last financial year.
Gross site volumes hit $5.55 billion (£4.4 billion), translating to $1.09 billion in company revenues and a gross profit margin of $677.3 million.
Fenix International paid more than $110 million in taxes throughout the financial year and penned a comprehensive income of $403.7 million, a portion of which was invested into Ethereum, the world’s second-largest cryptocurrency by market capitalisation.
Cash and cash equivalents totalled $562.9 million at the end of the financial year.
There was no mention of the L word in the statement, i.e. listing on the London Stock Exchange.
Keily Blair took the helm as chief executive of OnlyFans in July 2023, supplanting Ami Gan, with a vision of making OnlyFans the safest online social media platform and strengthening content moderation.
Though this could have been interpreted as a step towards attracting institutional support for going public, there is little evidence that the directors are mulling a listing of what is likely one of Britain’s premier tech unicorns.
The US remains the largest market for OnlyFans content, generating more than two-thirds of total revenues.
OnlyFans reduced its administrative headcount from 59 to 51 team members during the year.
Sole shareholder Leonid Radvinsky enjoyed a stonking $338 million dividend distribution.
As of 30 November, Fenix International had no external funding obligations.
As for non-financial metrics, total creator numbers increased 47% year on year to 3.2 million, with total ‘fan’ numbers increasing 27% to nearly 239 million.
OnlyFans has been on a mission to move beyond its pornographic reputation, with collaboration deals being signed with extreme sports athletes including BMX rider Lewis Buchanan.
The group is also investing in original content through OFTV, a free on-demand video streaming platform and mobile application.