The company overseeing the popular platform OnlyFans reported a record profit of £386 million in the previous year. Despite this, the average earnings for the platform’s nearly five million creators dropped to below £3 per day. Fenix International Limited, the parent company, is headed by Leonid Radvinsky, a Ukraine-born individual who received £368 million in dividends in the same period.
Radvinsky’s annual dividend surpasses the yearly earnings of an average OnlyFans creator by a significant margin. While some individuals, like British personality Lily Phillips, have earned substantial amounts on the platform, many others make minimal income.
The financial records of Fenix International highlight that OnlyFans generated £4.9 billion in payments from 4.1 million creator accounts in the previous year, which increased to £5.4 billion from 4.6 million creators in the most recent year. However, the average earnings per model decreased from £1,193 to £1,154 during this period.
OnyFans deducts a 20% commission fee from these earnings, which amounted to over £1 billion last year. The highest-paid director at Fenix International earned £7.2 million, more than double the previous year’s figure.
It remains uncertain whether the top earner is Radvinsky or his British co-director Lee Taylor. The company’s profits rose by 7% to £386 million for the year, coinciding with Radvinsky moving his shares into a trust known as LR Fenix Trust.
Offshore trusts like the LR Fenix Trust are commonly utilized for tax efficiency or confidentiality purposes. Tax experts suggest that such trusts could result in significant tax savings for the beneficiaries.
OnlyFans declined to provide a comment when contacted for a response.
