Tech giant Samsung has reported its lowest quarterly profit in eight years this week an indicator to the weakened global economy to hit PC…
OnlyFans, an online platform, and app where people can pay for content in the form of videos, photos, and live streams, using a monthly membership.
The platform created in 2016 was created for content creators including prominent figures to monetize their professions.
Fast track to 2022, and the platform has seen an increase in adult content with some of it’s users leveraging off Pornhub for marketing.
The platform, only created in 2016 appears to answer a crucial business underrated question.
Is there a market?
The next challenging question is, could it become an economy?
What is an economy?
An economy according to accountingcourse.com is a term used for the production and consumption of activities that take place in a nation seeking to efficiently allocate the nations resources for the public benefit.
Another definition [wikipedia] is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarce resources.’
We see how the platform [OnlyFans] crosses some T’s in both these definitions and fall short on some due to government reach but it’s clear that this new form of business is fast gaining momentum not only in the country but across the globe.
Buckling economies have seen a rise in the use of sex alongside platforms that can be leveraged and monitized for sexual content. This was matched by the increase of OnlyFans during the global Covid 19 pandemic.
The taxman has even imposed VAT on OnlyFans, which has slowly become synonymous with adult content creators.
Government has jumped on a delicate line regarding sex work and what can and cannot be allowed.
By taxing OnlyFans accounts, what is the South African Revenue Service really taxing?
Purchases and subscriptions on the platforms are subject to VAT payment which means if you’re subscribing or paying for OnlyFans content you are likely to pay 15% for purchases made.
Exclusive content appears to be an untapped market with no real textbook overview.
Not only will government have to justify more pull from these new immerging markets but the same markets seem to not follow any textbook definition of what markets should be.
An evolving new era of new definitions, is forming.
Markets are created without buyer and seller meeting – or even having to meet.
Solid evidence that sometime in the future, new definitions for economy may need to be formulated as countries shift to pave way for immerging markets, in digitally prominent fields.
A trap or innovation
An answer requires a question.
Is the platform safe?
The platform is a legitimate social media platform which just like any social media platform requires a mature mindset and responsible usage.
The platform is growing in numbers with some of it’s users confirming how the platform afforded them a different lifestyle.
Love it or hate it, the platform is fast carving a new norm and the question to any government remains.
Will government support or resist this increasing taboo market?
Featured image: Karolina Grabowska from Pexels