OnlyFans - An Enterprise Valuation on 23rd August 2021

The famous NSFW content subscription service that lets creators earn money from fans has decided to ban the adult content that has driven their growth. Are they biting the hand that feeds them?

In June, Bloomberg broke the story that OnlyFans is seeking new funding at a ~$1B valuation. Not bad for a five-year-old startup that has become synonymous with amateur pornography. Apparently, part of the plan was to raise capital from investors who can help the company transition into a mainstream media platform and shed its adult reputation.

The company claimed that it wanted to be a place where a broad range of celebrities and athletes can connect and interact with fans and sell ad space on the platform.

Last week, Axios got hold of an OnlyFans pitch deck and shared some of the breathtaking financials from the company. This includes data like:

• GMV (‘20) = $2.2B

• Net Revenue (‘20) = $375M

• FCF (‘20) = $150M

These numbers are incredible for a young growth company. It's awe-inspiring how profitable the business already is. Moreover, Axios reported that more than 300 creators earn at least $1M annually, 16k creators earn at least $50K annually, and more than 7M fans spend on the platform each…