OnlyFans has paid out greater than $500m (£433m) to its reclusive proprietor within the last two years, because the British-primarily based subscriber platform synonymous with pornography reported document profits.

Leonid Radvinsky, the site’s Ukrainian-American 40-yr-outdated proprietor, is the only real shareholder in a business that has seen its profits boom, as customers spent $4.8bn on the location final yr.

The financial results imply OnlyFans is one of the crucial financially profitable British tech begin-ups in recent years, succeeding the place different extra mainstream firms have failed. The company’s newest accounts present pre-tax profits rose by 615% to $432m in the 12 months to September 2021.

The site acts as a market for adult performers, who upload their own materials and keep 80% of the revenue. The remaining 20% goes to OnlyFans and covers the price of operating the enterprise, handling credit card processing, and providing a very healthy income for Radvinsky. He has been paying himself as much as $45m a month in dividend payments.

Despite OnlyFans’ best efforts to assert that its platform allows celebrities and musicians to monetise their social media following - and funding in its OFTV service - the site’s foremost attraction stays pornography. OnlyFans has 2.1 million registered "creators" who can promote content and 188 million registered "fans" who should buy videos or pay to message their favourite performers.

The enterprise model cuts out the normal pornography studios and permits creators to maintain the vast majority of the revenue from viewers. However, this additionally requires them to take duty for their own advertising and marketing and requires a continuing stream of new material for subscribers.

OnlyFans was based by an Essex household in 2016, with Tim Stokely as chief executive and his ex-banker father Guy as a director. At varied factors each Tim’s brother and mother have been both concerned within the business.

The corporate only really took off after 2018, when they offered the location to Radvinsky, who had previous experience of running pornography sites. The Stokelys remained as executives but reduce their ties with the corporate at the tip of final yr.

OnlyFans’ accounts additionally show that the corporate has written down the value of Delivery Code Ltd, an organization it purchased from the Stokely household for £23.65m, to zero.

Although the vast majority of OnlyFans’ income arrives from prospects based within the US, it stays registered within the UK and paid $88m to HMRC in company tax final 12 months.

The positioning, which already requires customers to confirm they are over 18, may additionally profit from UK authorities proposals to enforce age verification checks on wildly widespread free porn sites comparable to PornHub.

The highly profitable firm had simply 61 workers final September, although it is increasing rapidly - and attracting scrutiny round the standard of its age checks in the process. Last yr the company briefly faced the prospect of eradicating all porn from its servers after its banks threatened to chop fee processing companies.

The banks eventually relented and the grownup materials survived but this helped immediate a change in leadership, which led to the appointment of former advertising and marketing boss Amrapali Gan as chief government.

She stated: "We are empowering creators to monetise their content material and have real management over it. Our unwavering dedication to our creators has powered our success over the last 12 months.

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