OnlyFans To Drop Explicit Content While Pursuing Investors

The online subscription platform OnlyFans announced that it will no longer host the presentation of sexually explicit content, a policy shift that has been linked to its efforts in wooing investors who are uncomfortable with the erotic elements of the site.

What Happened: The London-headquartered OnlyFans was launched in 2016 as a resource for connecting video and photographic content creators with an online fanbase.

The privately-owned company said that it has more than 2 million content creators who have earned more than $5 billion from the 130 million users who pay for content subscriptions.

Although the site has attracted accounts from social media-savvy celebrities including Cardi B, Jordyn Woods, Bella Thorne, Tyga and Blac Chyna, OnlyFans became better known as a resource for amateur and professional adult entertainment providers.

In a statement, the company announced a new policy change on Oct. 1 that will ban pornographic content, although creators can still post nude photos and videos of themselves provided that their imagery does not fall into the realm of “sexually explicit conduct.”

“These changes are to comply with the requests of our banking partners and payout providers,” said the company in a statement.

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Why It Happened: The X-rated aspects of OnlyFans has stymied its efforts to raise additional capital. According to an Axios report, venture capital firms and investors are reluctant to have any involvement with the site due to its adult content, with some questioning whether there are adequate controls in place to prevent minors from accessing sexually explicit content.

Axios added the company recorded $375 million in net revenue and is projecting $1.2 billion for this year and $2.5 billion for next year.

But only half of its revenue came from paid subscriptions, with more than 30% coming from online chat features.

Variety reported that the adult content on OnlyFans has prevented it from being available on mobile app platforms including iOS and Android.

Earlier this week, the company tried to move beyond its X-rated reputation by launching OFTV, a free streaming service that will not include any sexually explicit material.

Photo: TastyCinnamon / Pixabay.