OnlyFans, the prominent adult-content social network, recently announced a substantial dividend payout of $701 million to its owner, Leonid Radvinsky. This comes as its parent company, London-based Fenix International, is reportedly exploring a sale of the platform, potentially valuing it at $8 billion, as per Bloomberg. Radvinsky received $497 million in ordinary dividends, with an additional $204 million distributed in five tranches after the reporting date, bringing his total earnings from the platform to approximately $1.8 billion since 2021. This follows previous dividend payments of $472 million in 2023, $338 million in 2022, and $284 million in 2021.

The OnlyFans platform facilitates content creators in offering exclusive, subscription-based material directly to their fans, generating revenue by imposing a 20% fee on all transactions, including subscriptions, videos, pictures, and chats sold through the service. The platform experienced a significant surge in popularity during the Covid-19 pandemic, attracting numerous sex workers and celebrities seeking alternative income streams during global lockdowns.

Financially, OnlyFans has demonstrated robust growth. For the fiscal year ending November 30, 2024, Fenix International reported that $7.2 billion in payments were processed through the platform, a notable increase from $6.6 billion in 2023. Pretax profit for the year reached $684 million, marking an approximate 4% rise. The platform also saw considerable expansion in its user base, with creator accounts surging by 13% to 4.6 million, and fan accounts increasing by 24% to a staggering 377.5 million. In the preceding year, ending November 30, 2023, OnlyFans had posted a profit of about $485.5 million, reflecting a 20% increase from the year before.

Leonid Radvinsky, a Ukrainian-American entrepreneur, acquired a majority stake in OnlyFans in 2018. The platform itself was founded in 2016 by British father-and-son duo Guy and Tim Stokely. Earlier reports from Reuters suggested that a consortium led by investment firm Forest Road Company had been exploring a bid for the company. Radvinsky was born in the Ukrainian port city of Odesa, and his family later relocated to Chicago when he was a child. He currently resides in Florida, according to information available on his website.