OnlyFans doesn’t see a Netflix-like slowdown in subscriptions, the CFO says

In this photo illustration, the OnlyFans logo is displayed on a smartphone.

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AMSTERDAM – OnlyFans isn’t experiencing a slowdown in subscribers like Netflix Though people are grappling with rising prices, company executives said Tuesday.

“We are not experiencing that slowdown,” Keily Blair, OnlyFans chief strategy and operations officer at the Money 20/20 fintech conference in Amsterdam, told reporters.

in April, Netflix The number of subscribers dropped by 200,000 in the first quarter, marking the first time the streaming platform has experienced a decline in paid users in more than a decade.

Netflix is ​​facing a number of challenges, not least the reopening of economies after a two-year lockdown from Covid. Inflation is also a key risk to the business, as people have to balance their budgets to cope with rising costs.

OnlyFans has a “completely different business model” from Netflix, said Lee Taylor, the company’s chief financial officer. Netflix is ​​”competitive in a very saturated market,” he added, including big tech companies like Amazon and traditional media players such as Disneywhich has its own streaming service, Disney Plus.

While Netflix and other tech companies have been laying off staff in recent weeks, OnlyFans continues to grow, Taylor said, with his team growing 2% to 3% every month. OnlyFans has over 1,000 employees worldwide.

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

OnlyFans isn’t exactly a name you’d associate with fintech – the company has made a name for itself by offering amateur adult content creators a way to make money on subscriptions.

Blair said OnlyFans would participate in Money 20/20 to address the “misunderstanding” about its brand and “take control of our narrative.” OnlyFans has built a sizable payment business, according to Taylor, and recently processed $ 18 million in one-day payments to creators.

Last year, OnlyFans faced intense backlash from its users over the decision to ban pornography, a plan the company later decided to abandon. Months later, OnlyFans co-founder Tim Stokely stepped down.

“We somehow broke the internet when we said we were going to change our acceptable use policy,” Blair said.

Taylor admitted that he underestimated the “strength” of the OnlyFans creator community.

“It was obviously a tough time,” he said. “The thing I’m most proud of is how quickly we were able to turn around.”

The platform has sought to expand into other content areas besides porn, an industry that has had an awkward relationship with the traditional financial world. in 2020, MasterCard Other Seen said they would cut ties with Pornhubthe largest porn site, on allegations of hosting child pornography material.