OnlyFans says it is not witnessing a slowdown in subscribers like Netflix did this April Source: World News Era
On Tuesday, June 7, executives of OnlyFans stated how it is not going through a slowdown in subscribers the way Netflix did, even as the world struggles with inflation. The company’s chief strategy and operations officer, Keily Blair stated how they were not ‘experiencing that slowdown.’ She gave the statement to reporters at the Money 20/20 fintech conference held in Amsterdam this week.
In April this year, video streaming service Netflix reported the loss of 200,000 subscribers in the first quarter. Surprisingly, this marked the first time the platform reporting such a decline in paid users in over the past ten years. Moreover, Netflix is visibly going through a range of challenges with the reopening of several economies following the past two years in the pandemic. Inflation clearly posed a key risk to the service with people being compelled balance budget owing to rising prices.
On the other hand, OnlyFans has a much distinct ‘business model’ as compared to Netflix, stated its CFO Lee Taylor. He stated how Netflix is currently ‘competing in a very saturated market,’ which includes big techs such as Amazon’s Prime Video and Disney’s Disney Plus platform.
Chief Financial Officer Taylor stated how OnlyFans is going on growing as Netflix and other platforms are even laying off staff in the past few weeks. In fact, its team is seeing an increase of 2% to 3% every month, with it currently having more than 1,000 employees globally.
“We are aware of the cost of living crisis,” OnlyFans’ finance chief said. “We are building a team in the U.K. to help our creators maximize their earnings.”
Mainly, OnlyFans gained popularity by offering a way to make profits to amateur adult content creators by means of subscriptions. There are many popular OnlyFans accounts to follow who seem to be very attractive. Blair stated how the company attending the Amsterdam conference was to address the ‘misconception’ regarding its brand, taking control of its ‘own narrative.’ Moreover, they noted how OnlyFans built up a decent payments business, with recent processing of payouts of $18 million to creators in a day.
In 2021, the platform even witnessed serious backlash from its users owing to its call to ban pornography, which OnlyFans went on to call off. However, its co-founder Tim Stokely resigned just a months after this. Blair stated how the company “broke the internet” when it stated its change in ‘acceptable use policy.’
Moreover, Taylor admitted how he rather underestimated the ‘strength’ of the creator community of OnlyFans, stating it was a ‘challenging time.’
Clearly, the platform has been seeking to expand into areas of content other than porn, which holds an awkward relationship with the rest of the world. Owing to allegations on Pornhub regarding it being host to child sexual abuse material, Mastercard and Visa stated that it would cut ties with it in 2020.
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