OnlyFans，這家以「付費內容訂閱制」為核心的英國公司，自2016年由英國企業家提姆 斯托克利（Tim Stokely） 創立成立以來迅速崛起為全球最大的成人內容平台之一。它為創作者提供一個平台，能直接向粉絲收費，發佈包含裸露、成人表演、生活紀錄甚至健身教學等多元內容，並由創作者保留80%收入，平台抽成20%。這樣的分潤模式，加上門檻低、直接面對消費者的營運機制，使OnlyFans成為不少創作者的主要收入來源，甚至催生出一批「OnlyFans百萬富翁」。

自COVID-19疫情開始後，許多失去正職收入的人轉向OnlyFans發展副業，令平台流量與收入暴增。2023年年收入突破66億美元。根據財報顯示，其用戶總數已突破2.39億人、創作者超過320萬，是現今規模最大、最具商業化成功的成人內容平台之一，也被譽為「孤獨經濟」的代表企業。

然而，在賺進大筆金流的背後，OnlyFans的商業形象卻始終處於道德與法律的邊緣。雖然平台上並非所有內容都是色情類型，但因成人內容佔比極高，許多企業與金融機構對其仍有所疑慮，甚至拒絕與之合作。早在2021年，OnlyFans曾因銀行與信用卡公司壓力，宣布將禁止色情內容，但因用戶與創作者反彈過大而迅速回撤政策，事件也讓人們看清其商業模式的脆弱性與政策依賴性。

目前傳出OnlyFans的母公司Fenix International Ltd.正尋求出售整體業務，正與來自洛杉磯的Forest Road Company投資公司領導的投資者集團進行洽談收購。開價達80億美元，引起投資圈高度關注。此次可能出售的原因，外界普遍認為與以下幾點有關：

首先，創辦家族已經實現財富自由。OnlyFans現任CEO斯托克利（Tim Stokely）的家族透過平台早已大賺數億美元，據悉該家族每年從公司分紅上億美元，因此在獲利達到高峰後，有意「高點變現」並退出第一線經營。其次，平台未來增長空間受到限制。由於與成人產業綁定過深，OnlyFans難以打入主流市場，無法像TikTok、Instagram等平台一樣吸引大型品牌合作與廣告營收。同時，在美國與歐洲多國面臨監管壓力，例如未成年用戶接觸成人內容、平台稅務透明度不足、內容審核爭議等，都使其長期營運面臨風險。

再者，市場競爭正在加劇。包括Fansly、Patreon、甚至TikTok也開始試圖導入內容訂閱機制，對OnlyFans的商業模式構成挑戰。若無法轉型或擴展新市場，勢必會影響其估值與營收表現。此外，投資機構對其期望也有所轉變。早期看好其高現金流與獲利能力的投資人，如今更在意品牌形象、市場擴張性與政策風險。若能成功找到接手者，不僅有助原始股東獲利退出，也能藉由新資金與管理團隊進一步拓展平台的發展方向。

總體而言，OnlyFans是近年「創作者經濟」與「孤獨經濟」結合下的成功案例之一，但同時也暴露出成人平台在發展上的天花板與灰色地帶。此次出售案能否成功，不只考驗市場對其價值的評估，也將影響未來數位內容產業中「直連經濟模式」的發展方向。

OnlyFans, the UK-based company centered around a “paid content subscription model,” was founded in 2016 by British entrepreneur Tim Stokely. Since then, it has rapidly risen to become one of the largest adult content platforms in the world. The platform allows creators to directly charge fans for access to diverse content, including nudity, adult performances, personal lifestyle content, and even fitness tutorials. Creators keep 80% of the revenue, while the platform takes a 20% commission. Thanks to this generous revenue split and a low barrier to entry, OnlyFans has become a primary income source for many creators, even giving rise to a new class of “OnlyFans millionaires.”

Following the outbreak of the COVID-19 pandemic, many individuals who lost their traditional jobs turned to OnlyFans to develop side incomes. This shift caused a dramatic surge in platform traffic and revenue. In 2023, the company’s annual revenue surpassed $6.6 billion. According to its financial statements, OnlyFans now boasts over 239 million registered users and more than 3.2 million content creators, solidifying its position as the largest and most commercially successful adult content platform globally. It is often cited as a prime example of the “loneliness economy.”

However, despite raking in massive revenue, the business image of OnlyFans has always walked a fine line between moral controversy and legal scrutiny. While not all content on the platform is explicit, the overwhelming presence of adult material has caused many companies and financial institutions to remain wary, with some outright refusing to partner with it. In 2021, OnlyFans announced plans to ban adult content due to pressure from banks and credit card companies, but after intense backlash from both users and creators, the platform quickly reversed the decision. This incident exposed the fragility and policy dependence of its business model.

Currently, it is reported that OnlyFans’ parent company, Fenix International Ltd., is looking to sell its entire business and is in negotiations with an investor group led by the Los Angeles-based Forest Road Company. The asking price is reportedly around $8 billion USD, drawing significant attention from the investment world. Industry observers believe the reasons behind this potential sale include several key factors.

First, the founding family has already achieved financial freedom. The family of CEO Tim Stokely has reportedly earned hundreds of millions of dollars from the platform, with annual dividends reaching well into the tens of millions. Now that profits have peaked, they appear interested in cashing out at the highest valuation and stepping away from day-to-day operations.

Second, the platform’s future growth potential is limited. Due to its strong association with the adult industry, OnlyFans has struggled to penetrate mainstream markets and cannot attract large brand partnerships or advertising revenue the way platforms like TikTok or Instagram can. At the same time, it faces increasing regulatory pressure in the U.S. and across Europe, including concerns about underage users accessing adult content, lack of tax transparency, and disputes over content moderation—all of which pose long-term risks.

Third, market competition is intensifying. Rivals such as Fansly, Patreon, and even TikTok are introducing subscription-based models, threatening OnlyFans’ dominance. Without strategic transformation or expansion into new markets, the platform’s valuation and profitability may be at risk.

Additionally, investor expectations have shifted. While early backers were drawn by the platform’s high cash flow and profitability, today’s investors are placing more emphasis on brand reputation, scalability, and policy resilience. A successful acquisition would not only allow original stakeholders to exit profitably but could also bring in new capital and leadership to steer the platform toward broader development goals.

In summary, OnlyFans stands as a successful case of how the “creator economy” and the “loneliness economy” can merge to create immense value. Yet, it also highlights the ceiling and legal gray areas facing adult content platforms. Whether this sale can succeed will not only test how the market values such businesses but could also shape the future direction of the direct-to-consumer digital content industry.