OnlyFans is reportedly in talks to raise new funding at a valuation above $1 billion, as it plots a move away from adult content to become more mainstream

• OnlyFans is seeking funding at a valuation of more than $1 billion, sources told Bloomberg.
• The site wants to focus on becoming mainstream and move away from adult content, one source said.
• It also wants celebrities and athletes to be able to connect with fans, the sources said.
• See more stories on Insider's business page.

Adult-entertainment site OnlyFans is reportedly in talks to raise new funding at a valuation of more than $1 billion, sources familiar with the matter told Bloomberg on Wednesday.

The online platform, which charges users a subscription to view pictures and videos of celebrities, influencers, and adult-film stars, was teaming up with an advisor to bolster interest from investors, one of the sources told Bloomberg. The source wanted to remain anonymous because the talks were private.

The source also said the advisor was helping OnlyFans become a more mainstream online media site, and that it hoped to move away from its reputation for adult content.

OnlyFans wants to turn into a platform where celebrities and athletes can connect with fans, according to the sources.

OnlyFans boomed during the pandemic – the number of users jumped to 120 million, from 20 million before coronavirus struck, and users spent $2.4 billion on the site in 2020. People joined the website as a way to earn money after losing their jobs in COVID-19 layoffs.

"Athletes are a creator genre we're seeing a lot of growth in," OnlyFans founder and CEO Tim Stokely said in a press release June 5, when Floyd "Money" Mayweather Jr. joined the site.

The subscription website also aims to pull in more advertisers as it goes more mainstream, the sources said.

A representative for OnlyFans declined to comment to Bloomberg.