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Photo: Jakub Porzycki/NurPhoto via Getty Images

OnlyFans, an online creator platform known for its adult content, announced Thursday that it will prohibit creators from posting "sexually explicit" content starting in October.

Why it matters: The company, which has been struggling to find outside investors, said it made the decision at the request of its banking and payout partners, though it is unclear how it will decide what content is sexually explicit.

  • Creators will still be allowed to post nude photos and videos if they comply with OnlyFans' new policy, which has not yet been publicly released, the company said.

What they're saying: "In order to ensure the long-term sustainability of the platform, and to continue to host an inclusive community of creators and fans, we must evolve our content guidelines," the company said in a statement.

  • "Creators will continue to be allowed to post content containing nudity as long as it is consistent with our Acceptable Use Policy," it added.
  • "These changes are to comply with the requests of our banking partners and payout providers."
  • "We will be sharing more details in the coming days and we will actively support and guide our creators through this change in content guidelines."

Between the lines: OnlyFans, which has 130 million users and over 2 million creators, has been one of the creator economy's largest and most successful platforms recently based on company financials leaked to Axios. But some venture capital funds are prohibited from investing in adult content that is ubiquitous on its platform.

  • The company is hoping to raise money to in part cash out majority owner and porn mogul Leo Radvinsky, while providing management with what one venture capitalist calls "more legitimacy."
  • Several firms passed on investing in the company.

Go deeper: OnlyFans has tons of users, but can't find investors

Go deeper

Sep 15, 2021 - Economy & Business

SmartNews raises $230 million at a $2 billion valuation

SmartNews Twitter

SmartNews, the Japanese news discovery app founded in 2012, on Wednesday announced a $230 million in Series F round funding at a $2 billion post-money valuation, bringing its total capital raised to date to more than $400 million.

Why it matters: SmartNews is now one of the most valuable standalone news aggregation apps, and plans to use its new money to expand its U.S. presence.

Sep 14, 2021 - Economy & Business

Scoop: Nexstar eyeing more small media acquisitions for digital content

Photo: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

Nexstar, the local broadcasting giant that recently bought The Hill for $130 million, is mounting an aggressive acquisition campaign, sources tell Axios.

Details: The company is going after smaller media companies that cover the three pillars of its content strategy: sports, news, and weather.

Oversight Board calls for more Facebook transparency

Illustration: Aïda Amer/Axios

The Facebook Oversight Board on Tuesday called on the social media giant to "commit to transparency" in the wake of a Wall Street Journal report last week that millions of high-profile users get special treatment by content moderators.

Why it matters: Although initially funded by Facebook, the Oversight Board operates independently as a kind of Supreme Court for the platform. The company has agreed to obey its rulings on specific content disputes, but the board's broader policy advice is strictly on a "recommendation" basis.