OnlyFans Up for Sale: Why the Porn Giant Can't Find a Buyer Despite Eye-Watering Profits

OnlyFans, the London-based platform best known for revolutionising adult content in the digital age, is quietly on the market—but finding a buyer may prove harder than expected. Despite its profitability, the site's explicit nature is reportedly deterring investors, exposing the limits of adult industry valuation and raising questions about the sustainability of its business model.

Why OnlyFans Can't Shed Its Adult Content Stigma

Leonid Radvinsky, a 43-year-old computer programmer who took over OnlyFans in 2019, is said to be exploring a sale of the platform, according to sources familiar with the matter. Despite growing his personal net worth to $3.8 billion (£2.83 billion), the platform's adult-oriented reputation is proving difficult to reposition.

Radvinsky, who emigrated from Odessa to Chicago as a child and studied economics at Northwestern University, now resides in a Miami penthouse with his wife. According to public records, he collected $472 million (£351.68 million) in dividends from OnlyFans in the fiscal year ending November 2023—almost the entirety of the firm's $485 million (£361.37 million) profit.

The Quiet Sale of a Profitable Giant

OnlyFans is owned by Fenix International Ltd., which Radvinsky controls outright. Between 2021 and 2023, his dividends from Fenix surpassed $1 billion (£750 million), according to UK financial filings, first reported by Bloomberg.

An OnlyFans spokeswoman said: 'OnlyFans is a revolutionary platform which continues to lead the creator economy. As with any business of this scale, it is natural that we are open to discussions about how we continue to build on our success.'

Still, a prominent industry insider pointed out that adult content platforms often face restricted valuations, limited to three to five times EBITDA—placing OnlyFans' potential market value between $1.46 billion and $2.42 billion (£1.09 billion to £1.80 billion). That range, while substantial, represents a tough sell in a sector few institutional investors are willing to touch.

Inside the Business Model

CEO Keily Blair has previously stated that 59% of OnlyFans revenue is derived from add-on services like pay-per-view content and livestreams, with 41% from subscriptions. The company charges a 20% commission to its four million content creators, who collectively serve a global subscriber base of 300 million.

By sidestepping app stores and processing all transactions directly, OnlyFans avoids revenue sharing with Apple and Google. UK filings revealed that two-thirds of its $1.3 billion (£970 million) revenue in 2023 came from the United States, amounting to $863 million (£643 million).

The Pornhub Precedent: A Cautionary Tale

The challenges facing OnlyFans mirror those encountered by other adult platforms. Pornhub, ranked by SimilarWeb as the 19th most-visited website globally, languished on the market for years before being acquired in 2023 by Ethical Capital Partners. The anonymous private equity group did not disclose the purchase price, though sources suggest it fell well below the $1 billion mark.

Private equity firms, bound by ethical investment mandates, and mainstream media companies generally avoid adult content ventures—limiting buyer interest significantly.

Playboy, once a cultural icon, went public in 2021 via a SPAC but now trades at a fraction of its former value. In 2021 and 2022, Visa and Mastercard severed ties with Pornhub over allegations of illegal content, undercutting its premium business and shifting focus to ad revenue.

Payment Risks Looming Over OnlyFans

While Visa and Mastercard currently process OnlyFans payments at below-market rates for adult sites, an industry source warned that this could change abruptly. Typically, adult platforms pay more than 10% in transaction fees—far higher than mainstream tech businesses.

Blair told the Wall Street Journal that the platform is working to prevent underage users from creating or consuming content. 'Absolutely there is risk associated with [our business], but there's often the same risk associated with general social media platforms as there is with OnlyFans,' she said.

From Influencers to Explicit: How OnlyFans Pivoted

OnlyFans launched in 2016 under founder Tim Stokely, targeting influencers and musicians. After Radvinsky lifted the ban on adult content a year later, the platform surged in popularity, particularly during the COVID-19 pandemic.

In 2021, he controversially attempted to ban sexually explicit material under pressure from financial institutions—only to reverse the decision days later following creator backlash.

Legal Loopholes and Mounting Scrutiny

OnlyFans relies heavily on Section 230 of the US Communications Decency Act, which shields platforms from liability for user-generated content. 'The key to success was plausible deniability,' said an industry insider, referring to the platform's hands-off moderation stance.

But legal experts suggest that lack of oversight could be interpreted as willful ignorance—potentially eroding Section 230 protections. 'The pressure on the industry to monitor their sites is getting worse and worse,' said the source, noting that regulators are beginning to take a harder look.