Tech

OnlyFans seeks IPO, but porn a turnoff for investors: report

OnlyFans is seeking to accomplice up with a blank-check firm, or SPAC, to put the groundwork for an preliminary public providing — however there are not any takers regardless of the porn platform robust funds, in line with a report.

Potential traders and SPAC companions have been hesitant to become involved with OnlyFans as a result of it quantities to an enormous on-line market for pornography, according to Axios.

One of many SPACs that was wooed by OnlyFans was Forest Street Acquisition Corp. II, which incorporates Shaquille O’Neal as an advisor.

In response to Axios, the SPAC “couldn’t get previous the porn.”

Final yr, OnlyFans was struggling to search out enterprise capital money because it looked for a “strategic accomplice.”

The corporate retained the companies of The Raine Group, the tech-center service provider financial institution, in hopes of discovering a agency that might inject money into the agency.

However not one of the main VCs — all of whom have been scared off by the sex-driven platform — bothered to do their due diligence, according to Axios.

Buyers are reportedly postpone by the location’s pornography-heavy content material.
SOPA Photographs/LightRocket by way of Gett

OnlyFans’ battle to search out blue-chip backers might be a warning signal for content material creators to tone down their X-rated choices, in line with certainly one of its stars.

Allie Rae, the Massachusetts ICU nurse and mother-of-three who left her $84,000-a-year job final yr and began incomes $200,000 a month on OnlyFans, advised the Put up that the corporate’s drive to go public might power it to “clear issues up.”

“Porn doesn’t go hand in hand with going public,” she advised The Put up.

Allie Rae, 37, mentioned that whereas she continues to create content material on OnlyFans for her 30,000 month-to-month subscribers, the writing might be on the wall.

She advised the Put up she was moved to create her personal crypto-friendly platform after  OnlyFans introduced final yr that it could cease permitting pornographic materials on its platform.

However a public outcry in opposition to the change in coverage prompted the corporate to reverse course.

Rae now says that OnlyFans’ problem in drawing investor curiosity ought to immediate content material creators to guard themselves in case the location shifts enterprise methods and begins limiting its content material to “PG-rated.”

Millions of users pay a monthly subscription fee to content creators who offer explicit videos.
Thousands and thousands of customers pay a month-to-month subscription payment to content material creators who supply express movies.
NurPhoto by way of Getty Photographs

Final yr, OnlyFans launched OFTV, a streaming platform through which celebrities seem in cooking reveals and comedic skits.

The agency hopes that shifting away from its porn-heavy emphasis will allow it to draw extra curiosity from Wall Road.

Allie Rae says that content material creators want to arrange forward of time.

“I really like OnlyFans. OnlyFans has modified my life,” she advised the Put up. “However I’m a businesswoman.”

“Content material creators must be ready and to produce other choices.”

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