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

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

AMSTERDAM — OnlyFans is not experiencing a slowdown in subscribers like Netflix whilst folks grapple with rising costs, executives on the firm stated Tuesday.

“We’re not experiencing that slowdown,” Keily Blair, OnlyFans’ chief technique and operations officer, instructed reporters on the Cash 20/20 fintech convention in Amsterdam.

In April, Netflix stated subscriber numbers dropped by 200,000 in the primary quarter, marking the primary time the streaming platform has reported a decline in paid customers in greater than a decade.

Netflix is going through a slew of challenges — not least the reopening of economies after two years of Covid lockdowns. Inflation additionally poses a key threat to the enterprise, as persons are having to steadiness their budgets to take care of rising prices.

OnlyFans has a “completely different business model” to Netflix, stated Lee Taylor, the agency’s chief monetary officer. Netflix is “competing in a very saturated market,” he added, together with giant tech corporations like Amazon and conventional media gamers like Disney, which has its personal streaming service, Disney Plus.

Whereas Netflix and different tech corporations have laid off workers in current weeks, OnlyFans is continuous to develop, Taylor stated, with its crew rising 2% to three% every month. OnlyFans has over 1,000 workers globally.

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

OnlyFans is not precisely a reputation you’d related to fintech — the corporate made a reputation for itself providing novice grownup content material creators a approach to make cash by means of subscriptions.

Blair stated OnlyFans was attending Cash 20/20 to handle “misconception” about its model and “take control of our own narrative.” OnlyFans has constructed up a large funds enterprise, in line with Taylor, and lately processed $18 million in payouts to creators in a single day.

Final yr, OnlyFans confronted intense backlash from its customers over a call to ban pornography — a plan the agency subsequently determined to drop. Months later, 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 admitted he underestimated the “strength” of OnlyFans’ creator 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 sought to department out into different areas of content material past porn, an business that has had an ungainly relationship with the mainstream monetary world. In 2020, Mastercard and Visa stated they might minimize ties with Pornhub, the largest porn website, over allegations that it hosted youngster sexual abuse materials.

Source link jumps into crypto with stablecoin payments feature Previous post jumps into crypto with stablecoin payments feature
London Metal Exchange hit with two U.S. lawsuits over nickel trading chaos Next post London Metal Exchange hit with two U.S. lawsuits over nickel trading chaos