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OnlyFans valued at $1bn as it seeks investment to move away from porn
OnlyFans, the site where DIY porn stars rub shoulders with chefs, fitness trainers and celebrities to bill fans for home video, is chasing investors with a raise that values the company at more than $1 billion, was reported today.
Essex-born founder Tim Stokely, son of a former Barclays investment banker, has been described as the "king of homemade porn" but wants to find backers to fund the transition from adult content to more traditional media.
Bloomberg reported that the company is specifically looking to bring more athletes and celebrities to the site, which would allow it to generate more ad revenue.
The fact that much of the content is 18+ is reportedly a deterrent for big brands right now.
He's made some strides with rapper Cardi B and boxer Floyd Mayweather, while model Lottie Moss and actress Bella Thorne also host accounts.
West Ham fan Stokely said: "Athletes are a creative genre in which we see strong growth"
The OnlyFans platform reportedly generated more than $2 billion in revenue for its stars last year, with more than $400 million in fees going to the company.
The London-based company is now growing at a rate of 100% per year, Bloomberg reported.
Stokely founded OnlyFans in 2016 and has over 100 million users.
He told GQ earlier this year that he had an idea for the site when he saw influencers creating "great content" but only getting paid through product recommendations or ad campaigns.
He decided to give them a platform to post similar content to other social media but with the benefit of a payment button so they can earn content.
Users must be over 18, but Stokely claims this is more for payment reasons than to attract pornstars.
However, he conceded to GQ, "It has allowed us to have more progressive and permissive content policies than other social media platforms."
His ex-banker father is currently the group's finance director.
A defining moment for the company came when Beyonce called him Savage in a remix of Megan Thee Stallion's hit. "Hips TikTok when I dance / In this demonic time she might do an OnlyFans," she raps.
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