OnlyFans will ban explicit sexual content because of regulatory concerns

Social platform notorious for adult material has to make a sudden strategy shift in order to attract partners

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OnlyFans will ban explicit sexual content from its platform due to regulatory concerns. This is a slap on the face of creators who made OnlyFans one of the fastest-growing social media platforms in the world. On Thursday, the company stated that it will no longer allow content containing “sexually explicit conduct” starting October 1. This was in accordance with our bank partners and pay providers. The company stated that nudity will be permitted and more details would be made available to the more than 2 million creators within the next few days. It stated that the company must update its content guidelines to ensure long-term sustainability and continue to host an inclusive community. This unexpected decision will shock adult performers who flocked to the platform during the coronavirus epidemic, when production of traditional pornography was stopped by lockdowns. In April, Tim Stokely, founder of the company and chief executive, told the Financial Times that he didn’t intend to close down adult creators. The platform allows celebrities, sex workers and other influencers to charge their fans for photos, videos, and customized content. It saw 615 percent increase in transactions to PS1.7bn last fiscal year, and was expecting pre-tax profits this year of PS300m. According to a source close to the company, the majority owner Leonid Radvinsky and the directors made the decision to make the change recently as it became difficult to attract business partners due to the stigma surrounding pornographic content. OnlyFans was not sure of the immediate impact of the shift. However, the directors estimated that there would be a 25% drop in revenue over the next few month. According to a source close to the company’s operations, “You can be the largest porn site or you can have social media platforms that are amazing in terms of their business model.” OnlyFans will attempt to compete with more mainstream platforms like TikTok and Instagram. The person said that they lost potential partners because their boards thought porn was too risky. OnlyFans also had to pay high processing fees from payment merchants like Visa and Mastercard who charge higher rates for businesses operating in the adult sector. According to a source close to the company, the company was preparing to sell shares to attract new investors in recent months. However, this move was halted while it considered drastic changes to its business model.

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https://www.ft.com/content/216c8f47-153c-4d0d-8f01-c46abf06b9c0

The report stated that adult content creators should diversify their revenue streams as social media rules are likely to become more restrictive in the wake of a long-running battle against the porn industry. “Certain media pundits. . . Continue to mischaracterize our industry, lack nuance and have contributed to unnecessary hardships to a lot of people trying earn an honest living,” said the group.

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