Video sharing platform OnlyFans will be banning sexually explicit content starting October. The platform, which is primarily known for its user-generated adult videos and photos, said it plans to completely transform its business model.
OnlyFans originally started as a content subscription service for celebrities and fans. The company is reportedly making the changes because of pressure from its payment and banking partners. Subscribers can view exclusive content from creators, who can earn money with shares of the subscriptions, one-time tips, and an optional pay-per-view feature.
Shortly after it was launched, the platform quickly became a medium for paid pornographic content. The company reportedly was lenient on creators who had posted illegal content, given that it had generated massive amounts of traffic and revenue for the company.
According to an investigation conducted by the BBC, OnlyFans handles some accounts differently. Based on its "compliance manual," users who violate the platform's policy more than three times will have their accounts suspended. However, content creators with higher subscription rates are reportedly handled by a separate team that is more lenient when these accounts break the rules.
OnlyFans said the changes are necessary to ensure the long-term sustainability of its platform. The company said it needed to "evolve" its content guidelines, which would still be inclusive to all creators and fans.
The company said creators can still post nude photos and videos of themselves, but they had to comply with their new acceptable use policy. The company plans to roll out more information on its updated policy in the coming days.
OnlyFans claims that it now has more than 2 million content creators on its platform, who have collectively earned more than $5 billion. Last year, the company said it earned more than $2 billion in sales from its 130 million active users.
A report from Axios indicates that OnlyFans is aiming to reach a market valuation of more than $1 billion, but it is finding it difficult to find investors because of the proliferation of pornographic materials on its site. Despite the amount of traffic and revenue it generates, online porn is still a hard sell for most investors.
