Why has OnlyFans reversed its decision to ban adult content?
ONLYFANS has reversed its decision to ban sexually explicit content after the founder said the move was causing problems with "investors".
Here's what we know.
Why has OnlyFans reversed its decision to ban adult content?
has to ban sexually explicit content.
The platform is known for sex workers, influencers, musicians and celebrities charging "fans" for pictures, videos and personalised content.
It allows content creators to receive funding directly from their fans on a monthly basis as well as one-time tips and the pay-per-view feature.
, on Wednesday, August 25, 2021, the company issued another statement and said it, “secured assurances necessary to support our diverse creator community," suggesting that they had since come to new agreements with the banks behind the app.
The company then tweeted: “Thank you to everyone for making your voices heard.
"We have secured assurances necessary to support our diverse creator community and have suspended the planned October 1 policy change."
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Why had OnlyFans initially banned adult content?
In a statement on August 19, 2021, said: “In order to ensure the long-term sustainability of our platform, and to continue to host an inclusive community of creators and fans, we must evolve our content guidelines.”
This was to “comply with the requests of our banking partners and payout providers”.
The company was trying to raise money from outside investors at a valuation of more than $1billion to stop the policy changes.
The unexpected move shocked its 130 million users, with many flocking to the platform during the pandemic as the production of regular pornography was impacted by lockdowns.
a safer place to do their jobs, but sex work does come with a stigma.
What is OnlyFans?
Following the initial announcement, many users started to panic as OnlyFans was the main income source for many.
In the midst of the panic, many users from similar apps like started recruiting OnlyFans creators.
OnlyFans was launched in November 2016 as a platform for performers to provide clips and photos to followers for a monthly subscription fee.
founded the company alongside his older brother, Thomas, and with the help of a £10,000 loan from his father, Guy Stokely, who told him "Tim, this is going to be the last one".
His brother became the company's chief operating officer and his father is head of finance for OnlyFans.
Two years later, Ukrainian-American businessman Leonid Radvinsky, owner of MyFreeCams, acquired 75% ownership of Fenix International Limited and became its director.
After this, OnlyFans became increasingly focused on not safe for work (NSFW) content and "gained a pop culture reputation for being a hive of pornography"
While other companies tried recruiting users, rapper and former OnlyFans creator took a different approach and started his own company called
will allow the same things OnlyFans did, including sexually explicit videos for sex workers and celebrities alike, but only better.
OnlyFans is known for taking a 20% cut from their creators but Myystar will only take 10%.
According to , Tyga has partnered with Ryder Ripps, a Forbes 30 Under 30 Art & Style alum, and Kanye West’s creative agency Donda to create the platform that will also be home to content from podcasters, comedians, athletes and musicians.
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Myystar will also allow users to sell their own
While the app has officially been announced, it is unknown what Tyga will do now that OnlyFans has reversed their decision.