Breaking News

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

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

In this picture illustration, the OnlyFans logo is shown on a smartphone.

Sheldon Cooper | SOPA Images | LightRocket through Getty Photos

AMSTERDAM — OnlyFans is not encountering a slowdown in subscribers like Netflix even as people grapple with climbing prices, executives at the firm mentioned Tuesday.

“We are not dealing with that slowdown,” Keily Blair, OnlyFans’ main approach and operations officer, told reporters at the Funds 20/20 fintech meeting in Amsterdam.

In April, Netflix explained subscriber numbers dropped by 200,000 in the first quarter, marking the 1st time the streaming platform has claimed a decrease in paid customers in additional than a 10 years.

Netflix is going through a slew of troubles — not least the reopening of economies right after two a long time of Covid lockdowns. Inflation also poses a key chance to the organization, as individuals are having to equilibrium their budgets to offer with growing expenditures.

OnlyFans has a “completely distinct business enterprise product” to Netflix, explained Lee Taylor, the firm’s chief financial officer. Netflix is “competing in a extremely saturated industry,” he added, which includes large tech firms like Amazon and common media gamers like Disney, which has its own streaming assistance, Disney Plus.

Whilst Netflix and other tech companies have laid off staff members in current months, OnlyFans is continuing to develop, Taylor explained, with its crew increasing 2{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} to 3{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} each individual thirty day period. OnlyFans has in excess of 1,000 workforce globally.

“We are knowledgeable of the expense of dwelling disaster,” OnlyFans’ finance main mentioned. “We are constructing a group in the U.K. to aid our creators maximize their earnings.”

OnlyFans isn’t really particularly a identify you’d linked with fintech — the company made a name for by itself offering newbie grownup content material creators a way to make cash by subscriptions.

Blair stated OnlyFans was attending Money 20/20 to tackle “false impression” about its brand name and “just take command of our very own narrative.” OnlyFans has designed up a sizable payments business enterprise, in accordance to Taylor, and recently processed $18 million in payouts to creators in a one day.

Previous yr, OnlyFans confronted intensive backlash from its people in excess of a decision to ban pornography — a prepare the firm subsequently decided to fall. Months afterwards, OnlyFans co-founder Tim Stokely resigned.

“We sort of broke the world wide web when we claimed we had been going to improve our acceptable use plan,” Blair mentioned.

Taylor admitted he underestimated the “power” of OnlyFans’ creator local community.

“It was naturally a tough time,” he reported. “The factor I am proud of the most is how swiftly we were able to reverse it.”

The system has sought to branch out into other regions of material over and above porn, an sector that has had an uncomfortable connection with the mainstream monetary globe. In 2020, Mastercard and Visa reported they would lower ties with Pornhub, the most significant porn web-site, in excess of allegations that it hosted little one sexual abuse materials.