OnlyFans executives said that the platform is not experiencing any Netflix-like slowdowns at the moment despite ongoing issues such as inflation.
According to a company official, the UK-based content subscription service uses an entirely different business model compared to the American streaming giant.
OnlyFans Experiences No Slowdown
(Photo : LIONEL BONAVENTURE/AFP via Getty Images)
OnlyFans executives are aware that the platform is not experiencing the slowdown that Netflix is currently facing at the moment.
Amid the irregularities in the economy, many companies are making adjustments when it comes to the workforce. Some lay off staff while others implement changes in in-house rules.
According to CNBC, OnlyFans is reportedly not encountering any issues regarding the declining numbers of its subscribers. Currently, Netflix is grappling with this problem amid the rising operational costs.
Per the company's chief strategy and operations office Keily Blair, OnlyFans is not experiencing the same issue that Netflix is facing right now.
As for Netflix, the company recorded that 200,000 subscribers have left the platform during Q1 2022. While some companies have often experienced this kind of issue over the past years, it's the first time for the entertainment firm to experience such a challenge.
Back in January, Tech Times reported that the subscriber growth of Netflix in 2021 had plunged by 50%. At the time, the "Squid Game" fever was still alive. Despite its popularity, it's still not able to attract more users to use the app.
Following a series of COVID-19 lockdowns, the company would face another problem in regard--economic inflation.
This issue is crucial for every business since it affects how a company retains its customers. Once inflation happens, many people will have to cut off their subscriptions to deal with more important costs.
Related Article: Netflix Subscription Fee to Increase This 2022 | UK and Ireland to See the Changes Soon
OnlyFans Uses a Different Business Model
According to OnlyFan's chief financial officer Lee Taylor, the company is relying on a "completely different business model" from Netflix. Although there's still competition, the latter is competing with other notable firms in the streaming industry, such as Disney and Amazon.
In recent weeks, Netflix has downsized its employees to cover up the financial losses. However, OnlyFans did not resort to this strategy.
Per Taylor, the company is recording up to a 3% monthly increase in staff. As of writing, the company has more than 1,000 staff around the world.
"We are aware of the cost of living crisis," OnlyFans' finance chief said. "We are building a team in the U.K. to help our creators maximize their earnings," Taylor said.
OnlyFans Founder is Jumping into NFT
In another story from Techcrunch, OnlyFans co-founder Tim Stokely has officially launched Zoop, an NFT startup. It will reportedly become available this upcoming summer.
Just like the typical NFT platforms, Zoop can allow individuals to engage in many activities such as buying, selling, and trading NFTs. This time, they could do these all with playing cards featuring the celebrities.
At the time of writing, Stokely did not mention if the celebrities would have direct involvement in their own creation. Somehow, the Zoop founder saw this startup as a bridge that would connect the fans to their favorite influencers.
Read Also: OnlyFans Russian Creator Accounts Suspended! Duration, Reason, and Other Details
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Written by Joseph Henry
