OnlyFans has reversed its controversial decision to ban sexually explicit content, with the platform announcing that it has found a way to continue despite obstacles from financial partners.
The company announced on Wednesday that it had “secured assurances necessary to support our diverse creator community and [had] suspended the planned October 1 policy change”.
The sudden change came after founder Tim Stokely told the Financial Times on Tuesday that the ban on porn had come in response to increased resistance from banks, which would "cite reputational risk and refuse our business".
After announcing the ban last week, OnlyFans faced criticism for shunning the adult performers who had helped attract its roughly 130 million users. There was also scepticism over whether it could prosper under new rules that blocked its most prominent user base.
Further guidance to the site’s nearly two million content creators would be communicated later in the day, the company said.
Transactions
The platform, where sex workers, celebrities and influencers charge fans for pictures, videos and customised content, increased transactions by 615 per cent to £1.7 billion last year and had been expecting pretax profits of £300 million this year.
For some time, the UK-based company has tried to attract more mainstream influencers and brands, but it has faced scepticism over whether it can pivot to non-porn creators while maintaining its growth rate. – Copyright The Financial Times Limited 2021
