Digital media platform OnlyFans reportedly wants to move away from porn as the company seeks to find backers to help it become a mainstream company.
The London-based company, which grew with the help of adult entertainment stars charging fans to see racy videos and photos of them, is looking to raise new funding in a deal that will put the value of the company at $1 Billion, sources with knowledge shared with Bloomberg in a piece published Wednesday. (RELATED: Bella Thorne Accepts PornHub Vision Award)
OnlyFans reportedly seeks $1 billion valuation as it aims to pivot from porn https://t.co/Udga3xrcBh pic.twitter.com/SyiFLWXku8
— New York Post (@nypost) June 17, 2021
The company reportedly hopes by shedding its porn reputation, it can attract investment from venture capital investors. Many venture capital firms reportedly often have deals with investors who prevent them from investing in “vice” industries on things like firearms, alcohol and porn, the outlet noted.
The goal would be to attract a wider range of celebrities and athletes to connect with their admirers and fans. Big name celebrities who already use the site include actress Bella Thorne, rapper Cardi B and professional boxer Floyd Mayweather.
Last year, OnlyFans handled $2 billion in sales with the site taking a 20 percent fee and making more than $400 million in revenue.