The Pandemic has pushed many to their financial limits and When it comes to the creator economy, Patreon is the name that comes to mind. Between 2013 and 2019, the platform paid out $1Billion+ to creators of all stripes.
But a fairly new competitor is blowing it out of the water: OnlyFans.
The site — which allows people to charge fans for access to videos, photos, and personalized communications is on pace to dish out $2 Billion this year and many Boricuas, specially women, are taking advantage of the platform to make a living from home during the pandemic.
Never heard of OnlyFans?
The platform’s traditional power users are attractive females selling the “opposite of G-rated” photos to (usually) male buyers.
Today, its biggest accounts are from the world of Instagram influencers. Many Boricua influencers and instagram “models” offer special content exclusive for subscribers, and promote their accounts using social media like FB and IG. Most of the content is destined for adults, but not 100% of it.
Also, adult performers and sex workers who are unable to meet clients in person, have taken to the platform as a way to earn a living during the pandemic.
OnlyFans founder Tim Stokely is a serial entrepreneur
He founded a successive series of startups throughout the 2010s, prior to the launch of OnlyFans in 2016:
- GlamWorship, which facilitated transactions for a sexual fetish known as “financial domination” (which may also have been a phrase used in Amazon’s pre-IPO prospectus)
- Custom4U lets customers order personalized videos
- 121with was a marketplace where tradespeople (e.g., plumbers) could sell their expertise
Stokely tells Bloomberg that these ventures gave him key insights into the creator-fan relationship.
Mainstream celebrities are taking notice
Musicians like Cardi B and The Weeknd have used OnlyFans as a promotional platform. Actress Bella Thorne pulled in a single-day record of $1m when she joined the platform.
While sex workers expressed concern that the likes of Thorne will “gentrify” the platform and take away a much-needed income stream, OnlyFans’ growth outside of adult content looks inevitable.
Already with 85m+ users and 1m+ creators, OnlyFans is adding 500,000 users a day and — with a 20% take on the $2B in sales — will bring home $400 Million in 2020.
If Patreon is already worth $1.2B+, the sky’s the limit for OnlyFans.
