OnlyFans, the London-born subscription platform that helped define the modern creator economy, is reportedly eyeing an $8 billion sale — a price tag that would mark one of the largest exits in the sector’s history. But this is no ordinary tech sale. Behind the headlines lies a high-stakes gamble: Can a platform built on adult content command a valuation typically reserved for Silicon Valley darlings?
Founded in 2016 and wholly owned by Ukrainian-American entrepreneur Leonid Radvinsky, OnlyFans has transformed content monetisation. Its model, which enables creators to earn directly from fans, has powered revenues from $375 million in 2020 to $6.6 billion in 2023. Last year’s profits reached $485 million, with nearly all distributed as dividends to Radvinsky, whose total earnings from the platform now exceed $1 billion.
Yet despite these impressive financials, OnlyFans faces a paradox: the larger it grows, the more it conflicts with cultural and institutional taboos surrounding adult content.
Who wants to buy OnlyFans?
Sources say OnlyFans’ parent company, Fenix International, has been in advanced talks with several investment groups since March 2025. Leading the pack is Forest Road Company, a Los Angeles-based investment firm known for its media and digital investments and its 2024 acquisition of a Formula E racing team.
Forest Road’s interest has a history. In 2022, its executives considered taking OnlyFans public through an SPAC. Now, they’re leading negotiations at $8 billion — a valuation far exceeding traditional multiples in the adult sector, where platforms trade at just 3–5x EBITDA.
Still, the stigma persists. Unlike Patreon or Substack, OnlyFans remains synonymous with explicit content. This perception narrows its buyer pool, limits institutional investment, and attracts regulatory scrutiny. Despite strong margins, many private equity firms and mainstream media groups avoid the adult industry entirely.
Profitable, scalable… and stigmatised
OnlyFans is undeniably a financial powerhouse. Taking a 20% cut of creator earnings, it supports 4 million creators and serves 300 million users globally, with two-thirds of revenue coming from the U.S. In 2023, creators averaged $1,300 in earnings, while top performers reached millions.
The platform stands out not just for its scale but for its profit margins. By handling its payments rather than relying on mobile app stores, OnlyFans bypasses platform fees and retains more revenue. Its income stream is also diversified, with nearly 60% coming from pay-per-view content and live streams — a more sophisticated model than typical subscriptions.
Yet despite its success, the platform faces significant challenges: intensifying regulatory oversight, unstable relationships with payment processors, and mounting concerns about piracy, deepfakes, and content security.
In 2024, UK regulator Ofcom investigated OnlyFans’ age verification practices, following earlier instances where Visa and Mastercard severed ties with adult platforms over content concerns. OnlyFans’ dependence on payment processors like Stripe and CC Bill makes it vulnerable to policy changes. High chargeback rates, 3–5 times above industry standards, resulted in $21 million in refunds last year.
A defining moment for the creator economy
The timing of the sale appears strategic. With increasing regulatory pressure and cautious payment partners, OnlyFans may seek to close a deal while its financials remain strong. The company might also seek a strategic partner to help diversify its business beyond adult content.
The company is also considering a public listing, though previous IPO discussions stalled due to concerns about investor interest and reputational risks.
The outcome of OnlyFans’ sale could reshape possibilities for both adult platforms and the broader creator economy. An $8 billion valuation might signal a shift in how financial markets view digital adult entertainment. Conversely, a failed sale or significant discount would reinforce existing barriers created by stigma and systemic bias.
Can adult content go mainstream?
The contrast with competitors is revealing. Between 2021 and 2022, Patreon’s value fell from $4 billion to $1.4 billion. Substack reached $650 million in 2023. Even Pornhub, among the world’s most-visited websites, reportedly sold for less than $1 billion.
This positions OnlyFans as a crucial test case. Its impressive revenues, profits, and user loyalty represent a potential goldmine, albeit one complicated by cultural taboos, legal challenges, and platform risks.
If Forest Road or another buyer successfully navigates these challenges, they’ll make history, whether this will prove a breakthrough moment or a cautionary tale for adult-oriented technology. As the deal approaches completion, potentially within weeks, the industry watches what could become the most significant sale in digital adult entertainment history.
