OnlyFans paid more UK corporation tax than Starbucks, eBay and Apple combined last year, its company accounts show.
The adult site saw its revenues grow by 20 per cent in a year as both creator and fan accounts grew by a robust 30 per cent, generating £5 billion in revenue.
The company said it had paid $6.6 billion to the content creators who use its platform as a means of reaching their “fans” in 2023, an increase of about $1 billion from the previous year.
Owner Leonid Radvinsky received a $472 million (£359 million) dividend, taking his payouts from the business since 2020 to more than $1 billion.
Radvinksy bought the site in 2018 from British entrepreneur Tim Stokely and his father Guy for an undisclosed sum.
Since then its revenues boomed during the coronavirus pandemic, making it one of the UK’s most successful tech startups.
Last year, it paid $149 million in corporation tax to the Treasury, enough to cover the cost of educating 15,000 British schoolchildren, according to Jim Waterson.
The sum is also substantially more than the tax paid by large multinational companies such as Starbucks, eBay and Apple in recent years.
The American coffee chain paid a UK corporation tax charge of £7.2 million last year, while eBay has been known to pay as little as £10 million.
Apple also paid just £9 million in tax in the UK on sales of more than £1.1 billion, according to filings made in 2021.
According to Peter Donaghy, the British state also raised more revenue from OnlyFans than it did from North Sea oil royalties and license fees.
Madness!
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