OnlyFans has been having a problem getting mainstream influencers and celebrities on the platform, and it's all due to its unshakable connection to porn. That, in addition to threats of being cut off by financial services providers, has forced the company to rethink its policies.
The head of finance at OnlyFans, Guy Stokely, said that financial institutions demanded more content regulation. For this reason, the company is trying to ensure its business is sustainable by making its operations more acceptable to these corporations.
OnlyFans is currently trying to raise more than $1 billion from investors.
According to Josh Constine, a major investor at SignalFire, a venture fund, investors were "squeamish" about OnlyFans since it has a looming risk of being cut off by payment processors such as Mastercard.
These financial companies are expected to start asking for more stringent content review guidelines.
So, by banning porn, OnlyFans might get more investors. Unfortunately, this is not good news for the company since moderating such content is difficult.
Sex Workers Will Be Greatly Affected By The Ban
The decision will also hit sex workers hard. Recently, American sex workers opposed the decision, which they argued would threaten their livelihoods.
They also insisted that a ban on "sexually explicit" content will force the industry to go underground.
Industry players also claimed that sex workers who could afford to pay rent and feed their children through OnlyFans will now have to take a risk and focus on street-based sex work.
OnlyFans claimed that it was introducing the ban to "ensure the long-term sustainability" of the platform. Apparently, this would ensure the company offers an inclusive community of creators and fans and meet the requests of banking partners and payout providers.
In the past, the platform got recognition for making sex work safer. Unfortunately, this industry brings with it a lot of stigmas, and OnlyFans is trying to avoid this downside.
The company would like to be seen as a place where musicians, chefs, and fitness instructors interact with their fans rather than a platform for sex workers.
However, even though sexually explicit content will not be allowed, nude images will still be allowed.
Bella Thorne Blamed For The Ban
Some people blame Bella Thorne for the ban. Sex workers criticized the actress after she joined the platform.
She later apologized, saying that she was only trying to bring more attention to the site but ended up causing harm. Apparently, she was trying to eliminate the stigma against sex work, but the move backfired.
The actress and singer earned $2 million in her first week on the site, which is believed to have given the site creators the confidence to crack down on sex workers.
ALTHOUGH SHE DOES NOT SHARE ANY EXPLICIT CONTENT, Cardi B also rakes in millions a month through the site.
The Ban Will Start On October
The ban on porn will come into force in October.
Earlier, it was claimed that although content moderators at the site were charged with taking action over illegal content, they were actually more lenient towards more successful accounts.
Prostitution services were being advertised on the platform, but the company defended itself, claiming that "all uploaded content is checked by automated systems and human moderators."
OnlyFans was founded in 2016 by Timothy Stokely, a graduate of Anglia Ruskin University. He was once called "the king of homemade porn" by the Sunday Times.
Content creators get an 80% commission on their earnings on the platform, and so far, the site has about 130 million users.
However, only about two million members post content, and they have apparently earned over 5 million dollars through the platform.
These subscribers charge "fans" for pictures and videos, among other personalized content. Following the new guideline, the company will not allow users to post sexually explicit content starting from October 1, 2021.