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Behind the scenes of the global pornography industry are billionaires whose names are virtually unknown to the public. They own platforms used by millions of people every day, make enormous fortunes from explicit content and go to extraordinary lengths to remain in the shadows. British journalist Patricia Nilsson spent five years investigating these elusive businessmen and uncovering how the pornography industry has transformed not only the internet but modern society itself.

In her new book, Guilty Pleasure: The Pornification of the Internet, the Economy, and Everything Else, the Financial Times journalist explores the people who control a multibillion-dollar market while choosing to keep even their identities secret.

“Whatever you thought of the old moguls who shaped sexual culture, at least you knew who they were and what they were selling. Today, the people making all the key decisions are almost entirely invisible,” Nilsson observes.

One of the central figures in her investigation is Bernd Bergmair, a former Austrian investment banker at Goldman Sachs who owned MindGeek, then the world’s largest pornography company and the operator of Pornhub, from 2013 to 2023.

Bergmair worked in Frankfurt, London, New York and Hong Kong, and appeared to be primarily interested in the financial side of the business. He guarded his privacy so fiercely that even people in the adult entertainment industry referred to him as a ghost and questioned whether he actually existed.

According to Nilsson, Bergmair knew very little about the specifics of the pornography market and, early in his tenure, even invited competitors to lunch to learn how the business worked. His main concerns, it seems, were the company’s profitability and a robust corporate structure.

In 2023, MindGeek was acquired by Canadian investment firm Ethical Capital Partners and subsequently rebranded as Aylo. However, its complex ownership structure continues to make it difficult to determine exactly who controls the company.

Another elusive pair featured in Nilsson’s investigation are French twins Stéphane and Mallory Pacaud, the owners of WebGroup Czech Republic (WGCZ), a company associated with the Penthouse brand and operating a large network of adult websites. Nilsson attempted to track them down in Prague, but despite appearing on lists of France’s wealthiest people, the businessmen continue to shun the spotlight.

“One of the reasons pornography is still so difficult to regulate is that you can shut down one website, and 15 copies immediately spring up, registered in other jurisdictions. We simply don’t know who is pulling the strings,” the journalist explains.

Nilsson argues that the anonymity of these owners allows them to evade public scrutiny and accountability despite the enormous influence of their businesses. She also highlights a striking contrast: women who create content are expected to expose their bodies publicly, while those who profit from their work can remain almost completely invisible.

“Women working in the online industry are literally forced to expose everything. Once you put an image of yourself online, it can be virtually impossible to remove it forever. So it is outrageous when people who profit from this industry say they want to remain anonymous and do not want to be associated with sex work,” she says.

Nilsson’s investigation, however, goes beyond the secretive owners of pornography empires. She argues that technologies and business models developed with the help of adult platforms have gone on to exert an enormous influence on the internet as a whole.

The pornography industry was among the first to adopt high-quality video streaming, while webcam performers were building audiences, developing personal brands and earning tips from fans long before the rise of bloggers and social media influencers.

According to Nilsson, the techniques pornography websites use to keep users engaged have now become a routine part of social media. Algorithms serve up increasingly personalized content, encouraging people to scroll endlessly through their feeds and return for another hit of stimulation.

The journalist describes this model as “masturbatory” — a system designed to deliver instant pleasure and emotional gratification while keeping users locked into the digital world.

She also draws parallels between webcam performers, who cultivate flirtatious relationships with clients, and modern AI chatbots, which can flatter users and create the illusion of emotional intimacy.

Another trend Nilsson highlights is the growing tendency for online content to become increasingly provocative. With vast amounts of material available for free, creators are under constant pressure to find new ways to stand out and capture their audiences’ attention.

At the same time, the journalist acknowledges that sex work has provided some women with a source of financial independence.

However, Nilsson has also encountered women who regretted their decision to enter the industry.

More broadly, she views the pornography business as a reflection of contemporary economic and social problems. In her view, the growing number of people turning to online sex work raises important questions about housing affordability, career prospects and opportunities for financial independence.

“We should be asking what is happening to capitalism if so many people are saying, ‘Getting an education, finding a job and gradually building a career is no longer an option for me,’” she says.

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