Fenix International occupies the ninth floor of an innocuous office block on London’s Cheapside. The street’s name comes from the Old English for marketplace, and once upon a time Cheapside was just that: London’s biggest meat market with butcher shops lining either side of the road. Today, the street houses financial institutions and corporate HQs.
But Fenix still runs a marketplace. Some may even call it a meat market, albeit one that operates on the phones of hundreds of millions of users worldwide. Its name: OnlyFans.
OnlyFans is best understood not just as a porn site, but as a social media platform with a paywall. Creators – mostly women – post photos, videos and voice notes behind monthly subscriptions. Users pay extra to tip the women, customise content and have one-to-one chats with their favourite models. Not everything on OnlyFans is X-rated, but that’s the content that makes the money.
An entire ecosystem has grown around OnlyFans since it was founded nine years ago by two British brothers, Tim and Thomas Stokely. One ‘e-pimp’ explained that successful models outsource much of their work to offshore call centres to give the illusion of intimacy with customers. Low-paid workers in Venezuela or the Philippines are hired to impersonate creators over text chats, maintaining dozens, even hundreds, of relationships with lonely men.
OnlyFans’ profits are enormous. In 2023, it generated nearly £5 billion in sales – up more than 2,000 per cent in four years. The company paid £127 million in tax last year, £110 million of that in corporation tax. Because Fenix is based in London, the bulk of that cash is flowing straight into the Treasury.
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