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How much can you make on OnlyFans?

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Lucy Banks is a a rising independent content creator in Australia, who never saw herself as an online entertainer

Lucy Banks left her marriage and job security in the banking industry in favour of becoming a model on OnlyFans.

Nearly three years later, she has achieved staggering success on the adult social platform.

“I had these two little kids that needed a mum at home and I didn’t want to put them in after school care, I wanted to be at home with them so that really propelled me,” she told TICKER NEWS.

Banks currently boasts more than 3,700 subscribers and earnings of up to $2,500 per day. The adult entertainer admits there are quiet times, but says she can make upwards of $60,0000 a month.

“It’s a direct correlation of how much time I put into it, and how much effort I put into it as to how much I make,” she says.

The OnlyFans service has more than 50 million registered users and more than 1 million content creators.

“The pandemic ushered in a virtual world that more of us are living in every day, whether out of necessity, entertainment, or the thrill of meeting new people and creating an exciting online experience.”

ONLYFANS CREATOR LUCY BANKS

Banks says her day starts off with school drop-offs, before she comes home and attends to requests from her ‘fans’, and makes videos.

“I own this house and I’m about to build another one. My kids go to private schools, and after this interview, I’m actually going to take one of them to a medical appointment. I can do that because I do OnlyFans.”

Lucy Banks has been an adult entertainer on OnlyFans for nearly three years. Photo: Supplied.

The model believes being genuine is the key to long-term success on the platform. She says most of the feedback has been positive.

“It’s really cool to have people at the coffee shop say ‘hey, I know you!’ It’s been really positive, which I think is really refreshing.”

How did OnlyFans come alive?

OnlyFans was launched five years ago in Britain but the company is not publicly traded on any global stock exchange.

“OnlyFans is the perfect way to enhance your engagement with your fanbase, boost your social media experience and monetise your content,” the company says.

Last year, the platform banned sexual content because of requests from companies who handle the financial transactions.

However, the policy was reversed after outrage from fans and creators. OnlyFans also banned the accounts of Russian creators after the nation’s troops invaded Ukraine in February.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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OpenAI to offer premium ChatGPT service

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OpenAI has announced a monthly plan that will give you priority access to the ChatGPT bot

ChatGPT Plus is set to cost $20/month, and allow a user the ability to use the chatbot even during peak times, where free users would have to wait.

The company also says the plan will give you “faster response times” and “priority access to new features and improvements.”

OpenAI will be sending out invitations for the service to people in the U.S. over the next few weeks, before expanding to other regions around the world.

This comes amid the company revealing that a mobile phone version of the chatbot is being developed.

Currently, it is only available as a computer program.

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Meta stocks soar in ‘Year of Efficiency’

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Meta Platforms has announced a better-than-expected sales quarter, as well as a USD$40 billion stock buyback.

The parent of Instagram and Facebook cut its cost outlook for 2023 by $5 billion, and projected first-quarter sales that could beat Wall Street estimates.

Meta stock surged nearly 19% in after-hours trade.

Chief Executive Mark Zuckerberg described the focus on efficiency as part of the natural evolution of the company, calling it a “phase change” for an organisation that once lived by the motto “move fast and break things.”

“We just grew so quickly for like the first 18 years,” Zuckerberg said in a conference call. “It’s very hard to really crank on efficiency while you’re growing that quickly. I just think we’re in a different environment now.”

The cost cuts reflect Meta’s updated plans for lower data centre construction expenses this year.

In November, the company cut more than 11,000 jobs in response, a precursor to the tens of thousands of layoffs in the tech industry that followed.

“Our management theme for 2023 is the ‘Year of Efficiency’ and we are focused on becoming a stronger and more nimble organisation,” Zuckerberg said in a statement.

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U.S. Fed Reserve hikes interest rates by 25 basis points

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The U.S. Federal Reserve has announced its latest interest rate hike

 
The 25 basis-point increase comes after a half-point hike in December, and a three-quarter-point increase the month before that.

And it came with the forecast that the Fed isn’t finished.

“We will need substantially more evidence to be confident that inflation is on a sustained downward path,” U.S. Fed Chair Jerome Powell said in a press conference.

Powell noted positive signs that inflation was beginning to abate.

“We can now say I think for the first time that the disinflationary process has started, and we see it in goods prices, so far…but it is insufficient to signal an end to the rate hikes, though it would be stepping down from last year’s rapid pace of increases.”

Future rate increases would be in quarter-percentage-point increments.

“We will continue to make our decisions meeting by meeting, taking into account the totality of incoming data and their implications for the outlook for economic activity and inflation,” Powell added.

The decision lifted the benchmark overnight interest rate to a range between 4.50% and 4.75% – a move widely anticipated by investors and flagged by U.S. central bankers ahead of this week’s two-day policy session.

Inflation, based on the Fed’s preferred measure, slowed to a 5% annual rate in December.

The Fed hopes it can continue nudging inflation lower to its 2% target without triggering a deep recession or causing a substantial rise in the unemployment rate from the current 3.5%, a level rarely seen in recent decades.

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