OnlyFans, the online platform where sex workers, influencers, and celebrities sell subscription content, is exploring selling stock to new investors.
Documents submitted to Companies House this week show that Fenix International, the parent company of UK-based OnlyFans, has increased its stake number from 100 to one million.
A person close to the company said management was in discussions about whether to “extend ownership,” adding that the revised capital structure gives it “the possibility to do so.”
The British group’s popularity has mushroomed during lockdowns, taking it from less than 20 million users before Covid-19 users hit more than 120 million, as bored consumers went online for entertainment and out-of-work artists sought to make money.
The platform allows content creators from fitness trainers and musicians to sexy stars to upload and sell videos, messages and articles directly to fans who pay between $5 and $50 per month, with 20 percent off transactions.
In April, when OnlyFans revealed a sevenfold increase in transactions to £1.7 billion, CEO Tim Stockley declined to comment on whether the company would be listed through an initial public offering or sold to a special purpose takeover.
OnlyFans “People often approached . . . including Spacs,” the person familiar with the matter said on Wednesday, adding that shareholders including majority owner Leonid Radvinsky, the entrepreneur behind porn site MyFreeCams, were not interested in selling the entire company.
However, the person said the current owners are planning to sell a portion of their stake. “Apart from the dividend, the current ownership is willing to make some of its profits,” he added.
OnlyFans is a family business founded in 2016 by Stokely and his father, Jay, a former Barclays investment banker. The company also employs brother Tim Thomas as its chief operating officer.
Celebrities, including American rapper Cardi B and English rugby player Chris Robshaw, recently joined the platform, seeking to monetize their social media followers. Fashion designer Rebecca Minkoff launched the OnlyFans account this year to showcase behind-the-scenes snapshots of New York Fashion Week.
The company, which expects pre-tax profits of more than £300m in the financial year to November, paid out £20m in dividends last year primarily to Radvinsky, who took over the company in 2018.
The company said its main audience is in the United States and that growth is particularly strong in Latin America and continental Europe. In the year to November, revenue grew more than sevenfold to £283.5m, while earnings before tax rose from £6m to £53m, according to corporate filings.
Its revenue scale and growth rate suggest OnlyFans could have a valuation of billions of pounds if it were to go public, making it one of the UK’s leading technology companies.
OnlyFans declined to comment.