(Bloomberg) -- OnlyFans Ltd Executive. plans to be more transparent and highlight less explicit content as the company's home country rolls out new stringent internet security laws.
“Amazon sells books about sex and gardening. Nobody calls Amazon an adult bookstore, right? said Kayleigh Blair, chief strategy officer for the London-based company. “Our creators provide content on everything from gardening to women's gardens and for some reason OnlyFans is an 'adult site'.
The online platform is trying to break away from its "mysterious" past, Blair said in an interview, and is trying to be more accessible to journalists, banking partners, regulators and "anyone who wants to come and talk to us." especially critical.
Among those focused on OnlyFans are UK lawmakers who have voiced concerns that the platform could escape scrutiny if parts of a new internet security law due next year only apply to services where there is so-called value. Number of child users.
According to Blair, OnlyFans have held meetings with UK MPs about the legislation and support for the upcoming legislation.
"We strongly support the Internet Security Act, and any suggestions or attempts by us to circumvent its requirements are not supported by factual analysis, evidence, or testimony from OnlyFans," the spokesperson said.
According to OnlyFans' own transparency report posted on its website, since July 2021, the company has removed more than a million posts for violating its acceptable use policy and removing hundreds of accounts per month.
During the same period, he submitted 230 new cases of child sexual abuse to the database of the National Center for Missing and Exploited Children. In comparison, Meta Platforms Inc. is much bigger. said it responded to more than 20 million such submissions in the second quarter of this year.
More than 1,000 employees are involved in security issues, and OnlyFans employs 40 to 50 employees per month. Most of them are responsible for managing 20 million posts per month from more than 2 million authors. Each post is reviewed within 24 hours of posting and evaluated by an image and word recognition system that prioritizes high-risk content, OnlyFans said.
Continue reading. OnlyFans scrapped plans to ban pornographic content out of anger from content creators
When we visited on a Tuesday the offices were practically empty. However, the company says its team works remotely and the moderators are contractors. The OnlyFans site does not have a job page, while LinkedIn only has two jobs.
OnlyFans, founded in 2016, is based in a small office in London's Soho, which was once the city's red light district but is now home to media and fashion companies. The platform has become highly profitable during the Covid-19 pandemic, generating a profit of $433 million for the fiscal year ending November 30, up seven times from last year.
American investor Leonid Radvinsky, who acquired a controlling stake in the company in 2018, has paid more than $500 million in dividends to the platform since late 2020, according to the company's financial report last month.
OnlyFans subscribers pay creators a monthly tip for access to exclusive photos, videos and conversations, and the company earns a 20% commission. It has sought to expand its offering beyond the adult content it is familiar with, selecting sites for chefs, musicians, celebrities, and fitness trainers, as well as launching a streaming site. Mainstream YouTube.
Continue reading. OnlyFans owners receive dividends of over $500 million over two years
“If you have an OnlyFans account and want to share food content on Mondays and better content on Tuesdays, how do we rate you? are you a cook? Blair said the conference room, which is also used as headquarters, was stocked with merchandise emblazoned with the blue and white OnlyFans logo, including t-shirts, hats and electric table fans.
Blair declined to comment on how much of the company's content was self-explanatory.
A search for "gardening" on the safe-for-work OFTV free streaming service OnlyFans led to a video of a woman giving pumpkin growing advice. The creator's OnlyFans account avatar looked even more impressive in a little purple bikini. Site searches for "cooking" content creators yield similar results with less scope.
Last August, OnlyFans announced that it would ban sexually explicit material, angering creators and sex workers who rely on the platform to generate revenue. He quickly scrapped his plans, blaming "banking partners and payment processors" in his initial statement.
“Dear Sex Worker,” OnlyFans tweeted, “Without you, the OnlyFans community would not be what it is today.”
The public backlash has convinced financial institutions to go ahead with the company, chief financial officer Lee Taylor said in an interview. He said OnlyFans now has an "extensive" financial network that includes a variety of payment processors, although he declined to specify which payment companies the business partners are working with.
"The main challenge for us was to challenge misconceptions about ourselves as a reputation risk," Taylor said. The company is also considering open banking partnerships that could improve identity verification and anti-money laundering efforts, he said.
"We are working with several potential partners that we hope to announce later this month or next month to select some of the key tools for this technology that we can use," he said.
(Update with CFO citation in last paragraph).
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