OnlyFans is banning porn, the very thing that made it big

By CreatorStack · 2 months ago

OnlyFans is banning porn, the company announced today. It’s a surprise move meant to protect its partnerships with banks and payment providers. The platform will still allow creators to post nude photos and videos, but not any “sexually explicit conduct.” The change goes into effect starting in October.

The decision comes as the London-based company has reportedly been struggling to raise new funding, despite monumental growth, because investors are cautious or contractually prohibited from investing in adult content. But being a major platform for adult creators, OnlyFans risks alienating the very users who made it big in the first place.

But at least one publication wasn’t completely shocked by the decision — because it came in the middle of a BBC investigation into how the video sharing site was knowingly letting creators slide despite publishing illegal content on the internet.

OnlyFans brings in money hand over fist, with revenue estimated to reach $2.5 billion in 2022 on total sales of $12.5 billion. Normally any other startup with that type of revenue would have no trouble raising money.

Sex sells, clearly, but banks are conservative and porn companies often struggle to find payment providers willing to do business with them. Being arguably the highest profile company in the industry, it’s maybe surprising that OnlyFans allowed pornographic content as long as it did.

Because these platforms allow anyone to sign up, investors have reportedly been worried that minors could subscribe to see adult creators’ content — or make content of their own. OnlyFans has been trying to raise money at a $1 billion valuation. And although it could be profitable without raising new money, the company has existing investors who want to sell their shares for a profit.