OnlyFans not seeing Netflix-like slowdown in subscriptions, CFO says

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On this picture illustration, the OnlyFans emblem is displayed on a smartphone.

Sheldon Cooper | SOPA Photos | LightRocket through Getty Photos

AMSTERDAM — OnlyFans will not be experiencing a slowdown in subscribers like Netflix whilst individuals grapple with rising costs, executives on the firm mentioned Tuesday.

“We’re not experiencing that slowdown,” Keily Blair, OnlyFans’ chief technique and operations officer, advised reporters on the Cash 20/20 fintech convention in Amsterdam.

In April, Netflix mentioned subscriber numbers dropped by 200,000 within the first quarter, marking the primary time the streaming platform has reported a decline in paid customers in additional than a decade.

Netflix is going through a slew of challenges — not least the reopening of economies after two years of Covid lockdowns. Inflation additionally poses a key threat to the enterprise, as persons are having to steadiness their budgets to cope with rising prices.

OnlyFans has a “utterly completely different enterprise mannequin” to Netflix, mentioned Lee Taylor, the agency’s chief monetary officer. Netflix is “competing in a really saturated market,” he added, together with massive tech companies like Amazon and conventional media gamers like Disney, which has its personal streaming service, Disney Plus.

Whereas Netflix and different tech companies have laid off employees in latest weeks, OnlyFans is continuous to develop, Taylor mentioned, with its workforce rising 2% to three% every month. OnlyFans has over 1,000 staff globally.

“We’re conscious of the price of residing disaster,” OnlyFans’ finance chief mentioned. “We’re constructing a workforce within the U.Ok. to assist our creators maximize their earnings.”

OnlyFans is not precisely a reputation you’d related to fintech — the corporate made a reputation for itself providing newbie grownup content material creators a solution to generate profits via subscriptions.

Blair mentioned OnlyFans was attending Cash 20/20 to deal with “false impression” about its model and “take management of our personal narrative.” OnlyFans has constructed up a large funds enterprise, based on Taylor, and lately processed $18 million in payouts to creators in a single day.

Final yr, OnlyFans confronted intense backlash from its customers over a choice to ban pornography — a plan the agency subsequently determined to drop. Months later, OnlyFans co-founder Tim Stokely resigned.

“We form of broke the web once we mentioned we had been going to alter our acceptable use coverage,” Blair mentioned.

Taylor admitted he underestimated the “energy” of OnlyFans’ creator group.

“It was clearly a difficult time,” he mentioned. “The factor I am happy with essentially the most is how shortly we had been capable of reverse it.”

The platform has sought to department out into different areas of content material past porn, an business that has had a clumsy relationship with the mainstream monetary world. In 2020, Mastercard and Visa mentioned they’d cut ties with Pornhub, the most important porn website, over allegations that it hosted youngster sexual abuse materials.

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