OnlyFans desires to go public, however is unable to seek out traders, based on a report.
SOPA Photos/LightRocket by way of Gett
OnlyFans is trying to companion up with a blank-check firm, or SPAC, to put the groundwork for an preliminary public providing — however there aren't any takers regardless of the porn platform robust funds, based on a report.
Potential traders and SPAC companions have been hesitant to get entangled with OnlyFans as a result of it quantities to a large on-line market for pornography, based on Axios.
One of many SPACs that was wooed by OnlyFans was Forest Highway Acquisition Corp. II, which incorporates Shaquille O’Neal as an advisor.
In line with Axios, the SPAC “couldn’t get previous the porn.”
Final 12 months, OnlyFans was struggling to seek out enterprise capital money because it looked for a “strategic companion.”
The corporate retained the providers of The Raine Group, the tech-center service provider financial institution, in hopes of discovering a agency that will 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, based on Axios.
OnlyFans’ battle to seek out blue-chip backers might be a warning signal for content material creators to tone down their X-rated choices, based on one in every of its stars.
Allie Rae, the Massachusetts ICU nurse and mother-of-three who left her $84,000-a-year job final 12 months and began incomes $200,000 a month on OnlyFans, informed the Put up that the corporate’s drive to go public might drive it to “clear issues up.”
“Porn doesn't go hand in hand with going public,” she informed The Put up.
Allie Rae, 37, stated 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 informed the Put up she was moved to create her personal crypto-friendly platform after OnlyFans introduced final 12 months 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’ issue 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.”
Final 12 months, OnlyFans launched OFTV, a streaming platform wherein celebrities seem in cooking reveals and comedic skits.
The agency hopes that transferring away from its porn-heavy emphasis will allow it to draw extra curiosity from Wall Avenue.
Allie Rae says that content material creators want to arrange forward of time.
“I really like OnlyFans. OnlyFans has modified my life,” she informed the Put up. “However I’m a businesswoman.”
“Content material creators have to be ready and to produce other choices.”
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