OnlyFans BANS PORNOGRAPHY, RISKS THE VERY THING THAT MADE IT BIG
■ Online platform and app, OnlyFans, announced on Thursday that the company is banning porn.
This move comes as a surprise as the London-based company says the decision is to protect its partnership with banks and payment provider as it has been struggling to raise new funding.
Despite exceptional growth, the company finds it difficult to raise funds because investors are cautious or contractually prohibited from investing in adult content.
OnlyFans, has reportedly amassed a base of more than 130 million users largely for adult-oriented subscription fan pages.
The platform says the decision to ban porn will go into effect in October though it will still allow creators to post nude photos and videos but not any “sexually explicit conduct.”
Being a major platform for adult creators, OnlyFans risks losing the actual users who made the company earn over $5 billion since it was founded in 2016. Its immediate revenue is estimated to reach $2.5 billion in 2022 on total sales of $12.5 billion.
The platform did not comment on what would happen to the existing “sexually explicit content” uploaded prior to the October 1 deadline.
Earlier this week, OnlyFans officially launched OFTV- a free streaming service that will not include any sexually explicit material but features original content from creators spanning fitness, cooking, comedy, health, music and more.●