British businessman Tim Stokely reportedly racked up a 12-digit net worth through OnlyFans, but now adult content creators won’t have as much of a chance to get wealthy on the platform. OnlyFans is banning sexually explicit content starting Oct. 1 to comply with requests of banking partners and payment processors, according to The Wall Street Journal.
The ban announcement comes as OnlyFans pursues a $1 billion valuation, according to reports. “In other words, OnlyFans is discarding the people who made it a behemoth and hoping to sell the platform those workers popularized to enough big investors for the company’s insiders to get rich,” observes Slate’s Alex Kirshner.
Who is Tim Stokely?
Stokely is a British entrepreneur The Sunday Times once called “the king of homemade porn.” He was born in Harlow, England. The youngest son of a banker, he graduated from Anglia Ruskin University in East Anglia, England, according to The U.S. Sun. Having created a BDSM and fetish site called GlamWorship.com in 2011, Stokely teamed up with his father, Guy, and brother, Thomas, to launch OnlyFans in 2016, according to Forbes.
OnlyFans charges fans $4.99–$49.99 a month for access to exclusive content from a creator, who gets 80 percent of the subscription fee. The company’s success boomed during the COVID-19 pandemic when people stayed home and turned to alternative sources of income. In the 12-month span ending in November 2020, OnlyFans reaped revenues of $400 million. The revenues were 540 percent up from the year before and the post-tax profits rose from $6.6 million to $60 million, Forbes reported.
What is Tim Stokely’s net worth?
According to The U.S. Sun, Stokely’s estimated net worth is $120 million. He has a $3.4-million house in Stortford, England, which features six bedrooms, eight bathrooms, a gym, a sauna, a cinema, and a marble bar. He also has a driveway full of custom cars, including a £120,000 ($163,438) matte-black Audi R8 and multiple Range Rovers. Stokely often shows off his wealth on social media. He shares photos of luxurious yachts and exclusive bars and clubs in New York City.
Why OnlyFans is banning explicit content
Before the ban announcement, OnlyFans was pursuing a valuation of more than $1 billion, according to Bloomberg, but it was also struggling to find investors, according to an Aug. 19 Axios report. “OnlyFans has a porn problem,” Axios’ Dan Primack wrote, adding that some VC funds can’t invest in adult content. Some investors worried that minors would subscribe to OnlyFans, while others worried that OnlyFans couldn’t attract brand partners.
That same day, OnlyFans announced the crackdown on porn. “In order to ensure the long-term sustainability of the platform, and to continue to host an inclusive community of creators and fans, we must evolve our content guidelines,” OnlyFans said in a statement, according to Axios.
The company added that creators “will continue to be allowed to post content containing nudity as long as it is consistent with our Acceptable Use Policy” and that it “will be sharing more details in the coming days, and we will actively support and guide our creators through this change in content guidelines.”