OnlyFans, the social media platform popularly known for allowing adult content creators monetise their content, has set date for prohibition of sexually explicit contents as it strives to mainstream its services and attract new investors.
Bloomberg reports that the company will stop users from uploading sexually explicit contents from October.
Creators will still be allowed to post nude photos and videos, provided they’re consistent with OnlyFans’ policy,” the company was reported as saying.
OnlyFans is seeking funding from investors after its valuation of more than $1 billion. This social media platform made $2 billion in sales last year.
The platform paid out over $3 billion in creator earnings since it was created in 2016 , keeping only 20 per cent of its creators income. In 2020, Onlyfans’ revenue spiked by over 553 per cent.
Axios reported that based on Onlyfans financial records, some investors may look beyond pornographic content, yet they are concerned that the company’s reputation would prevent it from attracting brand partners and investors.
The company also launched a Safe For Work (SFW) app in January called OFTV, that offers videos without nudity.
“OFTV provides a super convenient way for fans to watch content from favourite creators,” CEO Tim Stokely told Bloomberg. “There’s no adult content on OFTV. Because it’s not being monetised and there’s no direct impact on creators’ earnings, we are able to be in the app store.”
The content requirement and the new app comes as part of the company’s plan to rebrand itself as a good channel for content creators.
Also, the safe for work app will allow Onlyfans be available on the App Store and Google Play both prohibit pornography.