In October 2018, Florida-based internet porn baron Leonid Radvinsky, now 39, bought an estimated 75% of a growing but largely unheard-of business call

The Shady, Secret History Of OnlyFans’ Billionaire Owner

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2021-06-16 11:30:08

In October 2018, Florida-based internet porn baron Leonid Radvinsky, now 39, bought an estimated 75% of a growing but largely unheard-of business called OnlyFans. At the time, London-based OnlyFans was a fledgling video and social site that allowed adult performers to make money from the comfort of their own homes. “Content creators” – mostly porn stars — set up accounts via the company’s platform and charge a subscription fee to viewers (whom the company calls “fans”) that ranges from $4.99 to $49.99 a month —and the performers keep 80% of whatever they charge.

With all film production – adult or otherwise – shuttered during the pandemic and millions of lonely people stuck at home, OnlyFans’ business has boomed. In the year through November 2020, OnlyFans posted revenues of $400 million, up 540% over the prior year, 80% of which came from American customers. The number of creators nearly quintupled to 1.6 million, including more mainstream stars like Cardi B, DJ Khaled, Fat Joe, and Rebecca Minkoff. The total number of paying fans rose more than 500% to 82 million. Profits after tax rose to $60 million from $6.6 million. Forbes estimates that Radvinsky’s stake in Fenix International – OnlyFans’ parent company — makes him a new billionaire, worth some $1.8 billion.

Outside of these eye-popping financials, which were published in the U.K., little is known about Radvinsky, who didn’t respond to repeated requests for comment. A representative for OnlyFans also declined to comment.