OnlyFans will reportedly be moving away from adult content in the new year, looking instead to pivot towards showcasing a wider range of celebrities and athletes.
The site, which is widely known for being a platform for adult content and sex work, is now reportedly looking to attract more advertisers by cutting ties with its past.
Although the London based company boasts impressive numbers, OnlyFans may well find it difficult to attract traditional venture capital investors, who may have agreements in place stopping them from investing in ‘vice’ industries such as alcohol, guns and porn.
This is according to a recent report by Bloomberg, which reported that OnlyFans is now in discussions to raise new funding at a staggering company valuation of over $1 billion.
The profitable start-up is said to be working alongside an adviser to bring in interest from investors, individuals with knowledge of this matter told Bloomberg.
One person, who remained anonymous due to the private nature of the discussions, explained that the plan was to find and solicit backers who could help OnlyFans make the shift towards becoming more of a mainstream media platform, toning down its reputation for porn.
A quick look at OnlyFans’ social media marketing and its clear the company is keen to showcase the sort of content creators you wouldn’t instantly think of when discussing OnlyFans, individuals such as chefs, fitness instructors and wellness experts.
According to the Financial Times, OnlyFans soared in popularity over the course of the coronavirus pandemic, rising from fewer than 20 million users to more than 120 million.
This is due to many housebound consumers heading online for entertainment, as well as out-of-work entertainers looking to make cash as traditional venues closed their doors.