The reclusive owner of OnlyFans has raked in $517 million in dividends since the end of 2020, as earnings at the porn site soared, company filings show.
Ukrainian-American businessman Leonid Radvinsky, 40, made a dividend windfall of $284 million last year through the end of November, and $233 million so far this year, according to annual filings on Thursday.
Radvinsky, who lives in a lavish $4 million mansion in Boca Raton, Florida, took control of London-based OnlyFans in 2018, buying a majority stake from the site’s British founder for an undisclosed sum.
Founded in 2016, OnlyFans has grown in popularity, attracting famous names like Blac Chyna, Bella Thorne, and Cardi B, who earn millions from monthly subscribers. Many OnlyFans ‘creators’ post hardcore porn, though most of the established stars who join the platform post much less risqué content.
Ukrainian-American businessman Leonid Radvinsky, 40, reaped a windfall of $284 million last year through the end of November, and $233 million so far this year.
Radvinsky, who lives in a lavish $4 million mansion (above) in Boca Raton, Florida, took control of London-based OnlyFans in 2018
Blac Chyna and Bella Thorne are two of OnlyFans’ most successful ‘content creators’
OnlyFans takes a 20 percent cut from users’ monthly fees, with the rest going to the content creators themselves.
While the pandemic shut down many traditional porn studios, self-generated content on OnlyFans increased and the company saw explosive growth.
Radivinsky is currently the sole owner of OnlyFans’ holding company, Fenix International Ltd, according to Bloomberg, which first reported the company’s annual results.
According to the new annual report, in the period last year, OnlyFans more than doubled the number of subscribers and increased the number of creators by more than a third.
Revenue rose to $932 million from $358 million the previous year, and OnlyFans posted pre-tax profits of $433 million, seven times what it made the previous year.
The site’s owner, Radvinsky, is a veteran of the porn industry, but he keeps a low public profile and lives quietly in a gated mansion in Florida.
In 2018, he bought OnlyFans from founder Timothy Stokely, the British son of a banker.
The site is credited with revolutionizing the adult industry, but some artists have said they feel cheated by the service, and it has also faced criticism for not doing enough to prevent underage users from selling explicit content.
In response, the firm told the BBC that it was continually improving its approach to security and content moderation.
OnlyFans is proving to be very lucrative for both the creators and Radvinsky, with users spending $4.5 billion on the site last year.
Cardi B is estimated to earn $9.34 million on the site monthly and Mia Khalifa $6.43 million
American rapper Tyga is also among the top earners on OnlyFans, according to an estimate by Influencer Intelligence.
OnlyFans has traditionally been used by porn stars and sex workers to sell explicit content to paying users.
But it also provides a platform for musicians, fitness trainers, and influencers to sell content.
Last year, the site announced it would ban explicit material to appease financial backers, only to relent after backlash from users.
The controversy prompted a change in leadership, with former head of marketing Amrapali Gan taking over as CEO.
Gan said in the annual report: “We are empowering creators to monetize their content and have real control over it.”
“Our unwavering commitment to our creators has fueled our success over the past 12 months,” he added.
“We will continue to invest in the creator economy by improving safety, developing original OFTV content, and continuing to grow our community of creators and fans.”
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