OnlyFans Seeking Funding To Raise Valuation To USD 1 Billion
Planning to move away from NSFW content
One of the most popular adult entertainment websites, OnlyFans, is seeking to raise funding to reach a valuation of USD 1 billion.
OnlyFans planning to move way from adult content
OnlyFans is an online platform that offers to show pictures and videos of influencers, celebrities, and adult-film stars by subscription. The company plans to become a mainstream online media site and wants to move away from the reputation of being a website of adult content.
OnlyFans also want to be known as a platform that will allow athletes and celebrities to connect with fans. In a press release on June 5, 2021, the founder and CEO of the company, Tim Stokely, stated, “Athletes are a creator genre we’re seeing a lot of growth in.” The press release was hosted to announce the addition of Floyd Mayweather Jr. to the site.
OnlyFans has been doing well recently. During the pandemic, it saw a boom as the number of users went from 20 million to 120 million. In 2020, users spent about USD 2.4 (About AUD 3.18) billion on the site. People also joined this platform after losing their jobs due to COVID-19. All the new joiners were not porn stars. Some are chefs and fitness instructors who decided to join the platform to connect with the fans and increase their reach. During the pandemic, the number of OnlyFans creators rose by as high as 40 percent.
The primary objective of the website is to veer towards mainstream video content to pull in more advertisers. OnlyFans wants to change how it is perceived because many venture capital firms, and their investors avoid investing in industries that include firearms, alcohol, or pornography. They do not want the influence of such industries to tarnish their reputation.
A representative for OnlyFans declined to spill the beans on the matter. The company has not also released any official statement about its funding plans. In other news, here is all we know about Apple Car.
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