OnlyFans not seeing Netflix- like downturn in memberships, CFO states

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

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AMSTERDAM– OnlyFans is not experiencing a downturn in customers like Netflix even as individuals face increasing costs, executives at the business stated Tuesday.

“We’re not experiencing that slowdown,” Keily Blair, OnlyFans’ primary technique and operations officer, informed press reporters at the Money 20/20 fintech conference in Amsterdam.

In April, Netflix stated customer numbers stopped by 200,000 in the very first quarter, marking the very first time the streaming platform has actually reported a decrease in paid users in more than a years.

Netflix is dealing with a variety of obstacles– not least the resuming of economies after 2 years of Covid lockdowns. Inflation likewise presents a crucial danger to business, as individuals are needing to stabilize their spending plans to handle increasing expenses.

OnlyFans has a “completely different business model” to Netflix, stated Lee Taylor, the company’s primary monetary officer. Netflix is “competing in a very saturated market,” he included, consisting of big tech companies like Amazon and conventional media gamers like Disney, which has its own streaming service, Disney Plus.

Whereas Netflix and other tech companies have actually laid off personnel in current weeks, OnlyFans is continuing to grow, Taylor stated, with its group increasing 2% to 3% monthly. OnlyFans has more than 1,000 staff members internationally.

“We are aware of the cost of living crisis,” OnlyFans’ financing chief stated. “We are building a team in the U.K. to help our creators maximize their earnings.”

OnlyFans isn’t precisely a name you ‘d connected with fintech– the business went far for itself providing amateur adult material developers a method to earn money through memberships.

Blair stated OnlyFans was participating in Money 20/20 to attend to “misconception” about its brand name and “take control of our own narrative.” OnlyFans has actually developed a large payments organization, according to Taylor, and just recently processed $18 million in payments to developers in a single day.

Last year, OnlyFans dealt with extreme reaction from its users over a choice to prohibit porn– a strategy the company consequently chose to drop. Months later on, OnlyFans co-founder Tim Stokely resigned.

“We kind of broke the internet when we said we were going to change our acceptable use policy,” Blair stated.

Taylor confessed he ignored the “strength” of OnlyFans’ developer neighborhood.

“It was obviously a challenging time,” he stated. “The thing I’m proud of the most is how quickly we were able to reverse it.”

The platform has actually looked for to branch off into other locations of material beyond pornography, a market that has actually had an uncomfortable relationship with the mainstream monetary world. In 2020, Mastercard and Visa stated they would cut ties with Pornhub, the greatest pornography website, over accusations that it hosted kid sexual assault product.