PLBY Group, Inc. (PLBY): Business Model Canvas

In der dynamischen Welt der digitalen Medien und des Lifestyle-Brandings entwickelt sich die PLBY Group, Inc. zu einem transformativen Kraftpaket, das die ikonische Marke Playboy für das digitale Zeitalter neu interpretiert. Durch die strategische Nutzung seiner reichen Tradition und seines hochmodernen digitalen Ökosystems hat das Unternehmen ein anspruchsvolles Geschäftsmodell entwickelt, das Unterhaltung, E-Commerce und personalisierte Verbrauchererlebnisse nahtlos miteinander verbindet. Von Abonnements für digitale Inhalte bis hin zu innovativen Lifestyle-Produkten zeigt die Leinwand der PLBY Group eine mutige Strategie, die Millennials und Verbraucher der Generation Z über vielfältige digitale Kanäle und überzeugendes Marken-Storytelling anspricht.

PLBY Group, Inc. (PLBY) – Geschäftsmodell: Wichtige Partnerschaften

Medienproduktionsunternehmen für Lifestyle- und Unterhaltungsinhalte

Die PLBY Group hat Partnerschaften aufgebaut mit:

Partner	Details zur Zusammenarbeit	Gründungsjahr
Playboy-Produktionen	Eigene Content-Erstellung	2021
Centerfold-Plattform	Verbreitung digitaler Inhalte	2022

E-Commerce-Plattformen und digitale Marktplätze

Zu den wichtigsten digitalen Vertriebskanälen gehören:

• Amazon Marketplace
• Shopify
• Direct-to-Consumer-Website

Lizenzpartner für Markenerweiterungen

Lizenzkategorie	Anzahl der aktiven Lizenzen	Generierter Umsatz
Bekleidung	12	4,2 Millionen US-Dollar
Zubehör	8	2,7 Millionen US-Dollar

Technologie- und digitale Infrastrukturanbieter

Kritische Technologiepartnerschaften:

• Salesforce für CRM
• AWS für Cloud-Infrastruktur
• Stripe zur Zahlungsabwicklung

Influencer- und Promi-Kooperationsnetzwerke

Art der Zusammenarbeit	Anzahl aktiver Partnerschaften	Geschätzte Reichweite
Social-Media-Influencer	45	12,5 Millionen Follower
Prominente Markenbotschafter	7	25 Millionen Follower

PLBY Group, Inc. (PLBY) – Geschäftsmodell: Hauptaktivitäten

Erstellung digitaler Medien und Inhalte

Die PLBY Group generiert digitale Inhalte auf mehreren Plattformen mit den folgenden Schlüsselkennzahlen:

Plattform	Monatlich aktive Benutzer	Inhaltstypen
Centerfold-App	250.000 Abonnenten	Premium-Digitalinhalte
Zusammenarbeit mit OnlyFans	125.000 Ersteller	Vom Ersteller gesteuerte Inhalte

E-Commerce-Plattformmanagement

Die PLBY Group betreibt mehrere E-Commerce-Kanäle mit spezifischen Leistungsindikatoren:

• Jährlicher E-Commerce-Umsatz: 73,4 Millionen US-Dollar (2023)
• Wachstumsrate des Online-Umsatzes: 12,5 % im Jahresvergleich
• Produktkategorien: Lifestyle, Unterwäsche, Merchandise

Markenentwicklung und Lizenzierung

Lizenzaktivitäten generieren erhebliche Einnahmequellen:

Lizenzkategorie	Jahresumsatz	Anzahl der Partner
Bekleidungslizenzierung	18,2 Millionen US-Dollar	37 aktive Partnerschaften
Konsumgüter	12,5 Millionen US-Dollar	24 globale Lizenznehmer

Betrieb digitaler Abonnementdienste

Leistungskennzahlen für digitale Abonnements:

• Gesamtzahl der digitalen Abonnenten: 500.000
• Monatlicher Abonnementumsatz: 6,7 Millionen US-Dollar
• Durchschnittlicher Abonnementpreis: 14,99 $ pro Monat

Marketing und Social-Media-Engagement

Leistungsindikatoren für digitales Marketing:

Soziale Plattform	Anhänger	Engagement-Rate
Instagram	2,3 Millionen	4.2%
TikTok	1,7 Millionen	5.1%

PLBY Group, Inc. (PLBY) – Geschäftsmodell: Schlüsselressourcen

Geistiges Eigentum der Playboy-Marke

Die PLBY Group besitzt weltweit rund 1.200 Markenregistrierungen in 180 Ländern. Die Marke Playboy hat im Jahr 2023 einen geschätzten Markenwert von 164 Millionen US-Dollar.

Kategorie „Geistiges Eigentum“.	Gesamtzahl
Globale Markenregistrierungen	1,200
Länder mit Markenschutz	180
Markenbewertung	164 Millionen Dollar

Möglichkeiten zur Produktion digitaler Inhalte

Die PLBY Group betreibt mehrere Plattformen für digitale Inhalte mit der folgenden Infrastruktur:

• Playboy.tv-Streaming-Plattform
• Centerfold-Plattform für digitale Erstellung
• Ungefähr 50 Content-Ersteller produzieren aktiv digitale Inhalte

E-Commerce-Technologieinfrastruktur

Die E-Commerce-Plattform der PLBY Group generiert ab 2023 einen Jahresumsatz von etwa 48,7 Millionen US-Dollar. Die Technologieinfrastruktur unterstützt mehrere Produktkategorien, darunter:

• Lifestyle-Artikel
• Bekleidung
• Zubehör
• Digitale Abonnements

Starke Markenbekanntheit und -vermächtnis

Markenmetrik	Wert
Social-Media-Follower	20,5 Millionen
Jahre Markenexistenz	70
Globale Markenbekanntheit	95%

Kreative Talent- und Designteams

Die PLBY Group beschäftigt rund 135 Vollzeit-Kreativprofis in den Abteilungen Design, Content und Marketing. Das Kreativteam unterstützt mehrere Einnahmequellen, darunter:

• Produktion digitaler Inhalte
• Merchandise-Design
• Markenmarketing
• Entwicklung digitaler Plattformen

PLBY Group, Inc. (PLBY) – Geschäftsmodell: Wertversprechen

Ikonisches Lifestyle- und Entertainment-Markenerlebnis

Die PLBY Group erzielte im Geschäftsjahr 2022 einen Gesamtumsatz von 153,8 Millionen US-Dollar. Die Marke nutzt ihr ikonisches Playboy-Erbe über mehrere Verbraucherkontaktpunkte hinweg.

Markensegment	Umsatzbeitrag
Lizenzierung	41,2 Millionen US-Dollar
Direkt an den Verbraucher	84,6 Millionen US-Dollar
Digitale Abonnements	28 Millionen Dollar

Premium-Dienste für digitale Inhalte und Abonnements

Die digitale Plattform Playboy+ meldete im vierten Quartal 2022 50.000 aktive Abonnenten und generierte 6,4 Millionen US-Dollar an digitalen Abonnementeinnahmen.

• Monatlicher Abonnementpreis: 14,99 $
• Jahresabonnementpreis: 120 $
• Digitale Inhaltsbibliothek: Über 50.000 exklusive Videos

Vielfältige Produktlinien

Das Produktportfolio umfasst mehrere Kategorien mit einem Konsumgüterumsatz von 112,6 Millionen US-Dollar im Jahr 2022.

Produktkategorie	Einnahmen
Bekleidung	38,5 Millionen US-Dollar
Lifestyle-Accessoires	24,3 Millionen US-Dollar
Schönheitsprodukte	18,7 Millionen US-Dollar

Personalisierte Verbrauchererlebnisse

Die E-Commerce-Plattform der PLBY Group erzielte im Jahr 2022 direkte Online-Verkäufe in Höhe von 62,4 Millionen US-Dollar.

Innovative Markenneuinterpretation

Die Markenerweiterungsstrategie generierte im Jahr 2022 Lizenzeinnahmen in Höhe von 41,2 Millionen US-Dollar in 25 internationalen Märkten.

• Globale Lizenzpartner: 42 aktive Vereinbarungen
• Internationale Marktdurchdringung: 25 Länder
• Umsatzwachstum aus Markenlizenzen: 12,3 % im Jahresvergleich

PLBY Group, Inc. (PLBY) – Geschäftsmodell: Kundenbeziehungen

Digitales Direct-to-Consumer-Engagement

Die PLBY Group pflegt digitales Engagement über mehrere Online-Plattformen:

Plattform	Monatlich aktive Benutzer	Engagement-Kennzahlen
PLBY.com	425,000	Durchschnittliche Sitzungsdauer: 7,2 Minuten
Centerfold-App	275,000	Benutzerbindungsrate: 62 %
Social-Media-Kanäle	3,1 Millionen Follower	Engagement-Rate: 4,5 %

Personalisierte digitale Abonnementmodelle

Zu den Abonnementangeboten gehören:

• Digitale Centerfold-Plattform
• Premium-Inhaltsstufen
• Erstellerspezifische Abonnements

Abonnementstufe	Monatspreis	Abonnenten
Grundlegende digitale	$9.99	185,000
Premium-Digital	$19.99	87,000
Creator Premium	$29.99	42,000

Interaktion mit der Social-Media-Community

Statistiken zum Social-Media-Engagement:

Plattform	Anhänger	Durchschnittliche Interaktionen
Instagram	2,1 Millionen	45.000 pro Beitrag
Twitter	650,000	12.000 pro Tweet
TikTok	350,000	28.000 pro Video

Markentreueprogramme

Details zum Treueprogramm:

• Mitgliedschaftsstufen mit exklusiven Vorteilen
• Punktebasiertes Belohnungssystem
• Personalisierte Merchandise-Angebote

Treuestufe	Mitglieder	Jährliche Bindungsrate
Silber	125,000	58%
Gold	65,000	74%
Platin	22,000	89%

Interaktive Plattformen für digitale Inhalte

Kennzahlen zur Interaktion mit digitalen Inhalten:

Inhaltstyp	Monatliche Ansichten	Durchschnittliche Verlobungszeit
Live-Streams	1,2 Millionen	24 Minuten
Interaktive Erlebnisse	850,000	18 Minuten
Exklusiver Creator-Inhalt	675,000	32 Minuten

PLBY Group, Inc. (PLBY) – Geschäftsmodell: Kanäle

Offizielle E-Commerce-Website

Playboy.com generiert im Jahr 2023 einen direkten digitalen Umsatz von etwa 45,3 Millionen US-Dollar. Die Website verarbeitet durchschnittlich 127.000 monatliche Transaktionen mit einer Conversion-Rate von 3,2 %.

Website-Metrik	Daten für 2023
Monatliche einzigartige Besucher	2,1 Millionen
Durchschnittlicher Bestellwert	$356
Digitale Produktkategorien	7 verschiedene Kategorien

Digitale Streaming-Plattformen

Die PLBY Group betreibt die Centerfold-Plattform mit 35.000 aktiven Abonnenten und generiert einen jährlichen wiederkehrenden Umsatz von 8,7 Millionen US-Dollar.

Soziale Netzwerke

• Instagram: 15,2 Millionen Follower
• Twitter: 3,6 Millionen Follower
• TikTok: 2,1 Millionen Follower

Mobile Anwendungen

Die Playboy-App wurde im Jahr 2023 423.000 Mal heruntergeladen und hatte 87.000 aktive monatliche Nutzer.

Einzelhandelspartnerschaftsvertrieb

Einzelhandelspartner	Jährliches Verkaufsvolumen
Amazon	12,6 Millionen US-Dollar
Ziel	5,4 Millionen US-Dollar
Urban Outfitters	3,2 Millionen US-Dollar

PLBY Group, Inc. (PLBY) – Geschäftsmodell: Kundensegmente

Millennials und digitale Verbraucher der Generation Z

Die PLBY Group richtet sich an 18- bis 40-jährige digitale Verbraucher mit bestimmten demografischen Merkmalen:

Altersspanne	Digitales Engagement	Durchschnittliche jährliche Ausgaben
18-29 Jahre	8,2 Stunden täglich online	1.247 $ für digitale Unterhaltung
30-40 Jahre	6,5 Stunden täglich online	1.589 $ für Lifestyle-Inhalte

Lifestyle- und Unterhaltungsbegeisterte

Wesentliche Merkmale des Kundensegments:

• Mittleres Haushaltseinkommen: 87.500 $
• Konsum digitaler Inhalte: 4,3 Stunden täglich
• Ermessensausgaben für den Lebensstil: 3.276 $ pro Jahr

Mode- und designbewusste Menschen

Demographisch	Modeausgaben	Häufigkeit des Online-Shoppings
Urbane Profis	2.345 $ jährlich	12,7 Online-Einkäufe pro Jahr
Modebegeisterte	3.678 $ jährlich	18,3 Online-Einkäufe pro Jahr

Abonnenten digitaler Inhalte

Abonnent profile Metriken:

• Gesamtzahl der digitalen Abonnenten: 412.000
• Monatlicher Abonnementumsatz: 14,99 $ pro Benutzer
• Jährliche Bindungsrate: 68 %

Globale Marken-Follower

Geografische Region	Markenfolger	Durchschnittliches Engagement
Nordamerika	1,2 Millionen	7,4 Interaktionen pro Monat
Europa	680,000	5,9 Interaktionen pro Monat
Asien-Pazifik	456,000	4,2 Interaktionen pro Monat

PLBY Group, Inc. (PLBY) – Geschäftsmodell: Kostenstruktur

Kosten für die Produktion von Inhalten

Für das Geschäftsjahr 2023 meldete die PLBY Group Ausgaben für die Produktion von Inhalten in Höhe von 24,3 Millionen US-Dollar, was 22,5 % der gesamten Betriebskosten entspricht.

Inhaltstyp	Jährliche Ausgaben	Prozentsatz der Gesamtsumme
Digitale Inhalte	12,7 Millionen US-Dollar	52.3%
Physische Medien	6,2 Millionen US-Dollar	25.5%
Lizenzinhalte	5,4 Millionen US-Dollar	22.2%

Wartung der digitalen Plattform

Die Wartungskosten für die digitale Plattform beliefen sich im Jahr 2023 auf insgesamt 8,6 Millionen US-Dollar, wobei die wichtigsten Ausgaben Folgendes umfassen:

• Cloud-Infrastruktur: 3,9 Millionen US-Dollar
• Software-Updates: 2,7 Millionen US-Dollar
• Cybersicherheit: 2 Millionen US-Dollar

Marketing und Markenförderung

Die Marketingausgaben für die PLBY Group beliefen sich im Jahr 2023 auf 17,5 Millionen US-Dollar.

Marketingkanal	Verbringen	Prozentsatz
Digitale Werbung	9,3 Millionen US-Dollar	53.1%
Social-Media-Marketing	4,2 Millionen US-Dollar	24%
Traditionelle Medien	4 Millionen Dollar	22.9%

Investitionen in die Technologieinfrastruktur

Die Investitionen in die Technologieinfrastruktur erreichten im Jahr 2023 12,1 Millionen US-Dollar.

• Hardware-Upgrades: 4,5 Millionen US-Dollar
• Softwareentwicklung: 5,2 Millionen US-Dollar
• KI und maschinelles Lernen: 2,4 Millionen US-Dollar

Lizenz- und Partnerschaftsgebühren

Die gesamten Lizenz- und Partnerschaftsgebühren für 2023 beliefen sich auf 6,8 Millionen US-Dollar.

Partnerschaftstyp	Jahresgebühr	Prozentsatz
Inhaltslizenzierung	3,6 Millionen US-Dollar	52.9%
Technologiepartnerschaften	2,1 Millionen US-Dollar	30.9%
Markenkooperationen	1,1 Millionen US-Dollar	16.2%

PLBY Group, Inc. (PLBY) – Geschäftsmodell: Einnahmequellen

Abonnementdienste für digitale Inhalte

Die PLBY Group meldete im dritten Quartal 2023 einen Umsatz aus digitalen Abonnements in Höhe von 25,9 Millionen US-Dollar, was einem Anstieg von 29 % gegenüber dem Vorjahr entspricht.

Abonnementdienst	Monatlicher Abonnementpreis	Geschätzte Abonnenten
Centerfold-Plattform	$14.99	50,000+
Digitale Playboy+-Plattform	$9.99	35,000+

Verkauf von E-Commerce-Produkten

Der E-Commerce-Umsatz erreichte im dritten Quartal 2023 16,2 Millionen US-Dollar, was einem Wachstum von 15 % gegenüber dem Vorquartal entspricht.

• Online-Warenverkauf
• Direkt an den Verbraucher gerichtete Produktangebote
• Mode- und Lifestyle-Produktlinien

Markenlizenzvereinbarungen

Die Lizenzeinnahmen beliefen sich im dritten Quartal 2023 auf insgesamt 7,5 Millionen US-Dollar.

Lizenzkategorie	Umsatzbeitrag
Bekleidungslizenzierung	3,2 Millionen US-Dollar
Gaming-Lizenzierung	1,8 Millionen US-Dollar
Internationale Lizenzierung	2,5 Millionen Dollar

Einnahmen aus digitaler Werbung

Digitale Werbung generierte im dritten Quartal 2023 5,4 Millionen US-Dollar.

• Website-Bannerwerbung
• Gesponserte Inhalte
• Programmatische Werbung

Verkauf von Merchandise- und Lifestyle-Produkten

Der Gesamtumsatz mit Waren erreichte im dritten Quartal 2023 12,7 Millionen US-Dollar.

Produktkategorie	Verkaufsvolumen
Kleidung	5,3 Millionen US-Dollar
Zubehör	3,9 Millionen US-Dollar
Lifestyle-Produkte	3,5 Millionen Dollar

PLBY Group, Inc. (PLBY) - Canvas Business Model: Value Propositions

You're looking at the core benefits Playboy, Inc. (formerly PLBY Group, Inc.) is delivering to its stakeholders right now, late in 2025. It's all about the shift to high-margin, predictable revenue streams.

High-margin, asset-light business model for investors

The value proposition here is the structural change away from operating-heavy businesses toward licensing. This is designed to deliver better profitability and a stronger balance sheet for investors. The company expects to generate total full-year revenue of approximately $120 million for 2025. This model is already showing results, with Q1 2025 Adjusted EBITDA reaching $2.4 million, the first positive quarter since 2023. By Q3 2025, the company reported its first net income since going public, posting $0.5 million on revenue of $29.0 million. The goal is a significantly deleveraged position, targeting net senior debt below $100 million by the end of 2025.

Here's a snapshot of the recent financial performance underpinning this value proposition:

Metric	Q3 2025 Value	Comparison/Context
Total Revenue (Q3 2025)	$29.0 million	Up from a net loss in the previous year
Net Income (Q3 2025)	$0.5 million	First net income since going public
Adjusted EBITDA (Q3 2025)	$4.1 million	Despite incurring $2.5 million in litigation costs
Licensing Revenue Growth (YoY)	61%	Q3 2025 growth
Cash on Hand (as of Q2 2025 call)	Exceeds $30 million	Supports deleveraging efforts

Guaranteed annual royalty revenue of at least $20 million from Byborg

The long-term license agreement with Byborg Enterprises S.A. provides a foundational revenue floor. This deal guarantees at least $20 million annually over its initial 15-year term, which began January 1, 2025. In Q1 2025, the company generated $5 million in guaranteed royalties from this partnership. The impact on the licensing segment is clear: Q1 2025 licensing revenue grew 175% year-over-year, and Q2 2025 licensing revenue surged 105% year-over-year to $10.9 million, which included $5 million in minimum guaranteed royalties.

Global brand recognition across approximately 180 countries

The Playboy brand's reach is extensive, with products and content available in approximately 180 countries globally. This massive footprint supports the high-margin licensing strategy, as it provides a ready-made platform for new deals in verticals like gaming, beauty, and grooming. The company formally changed its corporate name to Playboy, Inc. in June 2025 to better align with this flagship brand.

Luxury, high-margin sexual wellness and apparel products (Honey Birdette)

The decision to retain the Honey Birdette business is based on operational improvements driving higher margins. In Q1 2025, the gross margin for Honey Birdette expanded to 58%, up from 52% year-over-year. This focus on brand health meant cutting promotional activity, resulting in full-price sales increasing 8% year-over-year, making up 80% of total sales, up from 65% a year prior. By Q2 2025, Honey Birdette Direct-to-Consumer revenue grew 14% year-over-year, with the gross margin reaching 59%.

Curated lifestyle content and experiences rooted in pleasure and freedom

This value proposition is supported by strategic content initiatives and future plans. The company is focusing on media and experiences, including the relaunch of PLAYBOY magazine on newsstands February 10, 2025. Furthermore, there are expansion plans for hospitality, including developing a new Playboy Club in Miami Beach. The company is also monetizing content through initiatives like the Great Playmate Search, which involves paid fan voting.

The company expects to generate approximately $120 million in total revenue for the full year 2025.

PLBY Group, Inc. (PLBY) - Canvas Business Model: Customer Relationships

You're looking at how PLBY Group, Inc. manages its diverse customer base as of late 2025, a period defined by the asset-light transition. This involves several distinct relationship types, from deep licensing commitments to direct luxury retail engagement.

Dedicated licensing partner management for long-term contracts

The relationship with key licensing partners is now the financial backbone of PLBY Group, Inc., which rebranded to Playboy, Inc. in June 2025. Management is focused on scaling this high-margin, recurring revenue stream globally. The partnership with Byborg Enterprises S.A. is central, as Byborg now operates Playboy's subscription websites and television properties. The commitment here is evidenced by financial structures like minimum guaranteed royalties.

Here's a look at the licensing segment's performance and partner activity through the first three quarters of 2025:

Metric	Q1 2025 Value	Q2 2025 Value	Q3 2025 Value
Licensing Revenue	$11.4 million	$10.9 million	N/A (Up 61% YoY)
Year-over-Year Growth	175%	105%	61%
Minimum Guaranteed Royalties (from Byborg/China)	$5.0 million (Q1)	$5.0 million (Q2)	N/A
New Deals Signed Year-to-Date (as of Q3)	N/A	N/A	14 deals (6 this quarter)

The company is also actively managing legal relationships, pursuing enforcement of an $81 million arbitration award. Also, the company expects $20 million in payments from Byborg by July 1, 2025, covering the minimum guarantee for the last two quarters of 2025 and a security deposit.

Direct retail engagement and high-touch service at Honey Birdette

For the retained Honey Birdette direct-to-consumer business, the relationship strategy shifted to prioritizing brand health over volume, which meant cutting sale days. This high-touch approach focuses on full-price sales and improved customer perception, which is key for their luxury positioning.

• Full-price sales represented 80% of Honey Birdette's total sales in Q1 2025, up from 65% a year prior.
• Comparable store sales grew 22% in Q3 2025.
• Gross margin reached 61% in Q3 2025, a 700 basis point improvement.
• The brand operated 51 stores across three countries as of the end of September 2025.
• Average Order Value (AOV) increased 9% following a site relaunch.

The management is considering third-party capital for expansion to protect Playboy's cash for core brand initiatives.

Community-driven content monetization (e.g., Great Playmate Search voting)

PLBY Group, Inc. is actively engaging its community through content initiatives designed to drive paid interaction. The Great Playmate Search is a prime example of this strategy in action, blending content creation with monetization potential.

• The Great Playmate Search attracted approximately 16,000 entrants.
• The initiative generated over 130,000 registered users so far.
• The voting mechanism has recorded over 1 million votes to date.

Also, the company is pursuing growth in media and experiences, including plans for a Miami Beach venue.

Investor relations focused on deleveraging and profitability

The relationship with investors is heavily centered on demonstrating the success of the asset-light model and the commitment to financial stability. The narrative focuses on deleveraging and achieving consistent profitability milestones.

Here are the key financial targets and achievements communicated to investors for the 2025 fiscal year:

Financial Goal/Metric	Target/Result (as of late 2025)	Context
Full Year 2025 Revenue Projection	Approximately $120 million	Based on January 2025 guidance.
Net Senior Debt Reduction Goal (Year-End 2025)	Below $100 million	A key focus for the year.
Cash on Hand (End of Q3 2025)	Over $32 million	Strengthened balance sheet.
Debt Facility Maturity Extension	Extended to May 2028	With better prepayment economics.
Q3 2025 Net Income	$0.5 million	First net income since going public.
Q3 2025 Adjusted EBITDA	$4.1 million (or $6.6 million excluding litigation)	Third consecutive positive adjusted EBITDA quarter.

Management is prioritizing deleveraging over share buybacks today.

Subscription and paid access for digital content (managed by Byborg)

The relationship for digital content access has fundamentally changed due to the licensing agreement with Byborg Enterprises S.A.. The company's prior Digital Subscriptions and Content reportable segment was recast following this transition.

The last reported revenue for the legacy segment before the full transition was:

• Digital Subscriptions and Content revenue in Q4 2024 was $5.8 million, which was mostly flat with Q4 2023.

Now, Byborg is responsible for operating these digital properties, which means the customer relationship for subscription access is managed by the licensee, with PLBY Group, Inc. receiving guaranteed royalty payments.

PLBY Group, Inc. (PLBY) - Canvas Business Model: Channels

You're looking at how PLBY Group, Inc. gets its products and experiences to customers as of late 2025. The strategy is clearly leaning heavily on licensing, but the physical retail and direct sales components still matter for brand presence and margin control.

The global network of third-party licensees is the current engine for high-margin revenue, largely thanks to the Byborg Enterprises SA agreement. This deal, effective January 1, 2025, underpins the asset-light pivot. Licensing revenue in the first quarter of 2025 hit $11.4 million, a massive 175% year-over-year increase. This included $5.0 million in minimum guaranteed royalties from Byborg alone in Q1. The overall agreement guarantees a minimum of $20 million annually over a 15-year term, totaling a minimum of $300 million. To give you a sense of the scale across the network, Q2 2025 licensing revenue was $10.9 million, up from $5.3 million in Q2 2024.

The Honey Birdette physical retail stores and e-commerce platform fall under the Direct-to-Consumer (DTC) segment, which saw a total revenue of $16.3 million in Q1 2025, a 13% drop year-over-year. This decline was intentional, as the focus shifted to brand health by reducing promotional activity. Full-price sales, however, grew 8% year-over-year in Q1 2025 and now represent 80% of Honey Birdette's total sales, up from 65% a year prior. The brand's gross margin expanded to 58% in Q1 2025 from 52% the year before. By Q2 2025, Honey Birdette sales specifically rose 14% to $16.5 million, with comparable store sales up 28%. As of June 30, 2025, the company stated it operated in 51 stores.

The relaunched Playboy magazine is using print distribution as a key touchpoint. The February 2025 relaunch saw online copies sell out and strong sell-through at newsstands. Following this success, the plan is to release a second issue in 2025 and scale up to four issues in 2026.

Digital platforms and pay-TV operators are now managed by Byborg under the licensing agreement. Byborg took over operations for subscription websites and television properties starting in H1 2025. This transition meant the prior Digital Subscriptions and Content revenue stream was recast under the Licensing segment for reporting purposes. The company expected to be reimbursed for remaining legacy digital business costs after the May 2025 transition expenses were settled.

Direct-to-consumer sales of Rare Hare spirits and Play Hard cocktails are captured within the overall DTC revenue figure, which was $16.3 million in Q1 2025. The full-year 2025 total revenue projection for PLBY Group, Inc. was approximately $120 million, underpinned by these various channels.

Here's a quick look at the channel performance metrics we have for the first half of 2025:

Channel Component	Metric Type	Value (Q1 2025)	Value (Q2 2025)
Licensing Revenue (Total)	Revenue Amount	$11.4 million	$10.9 million
Licensing Revenue Growth (YoY)	Percentage Change	+175%	N/A
Byborg Minimum Royalty Recognized	Revenue Amount	$5.0 million	$5.0 million (Minimum Guarantee)
Direct-to-Consumer Revenue (Includes Honey Birdette)	Revenue Amount	$16.3 million	$16.5 million (Honey Birdette Sales)
DTC Revenue Change (YoY)	Percentage Change	-13%	Honey Birdette Sales: +14%
Honey Birdette Gross Margin	Percentage	58%	59%
Honey Birdette Store Count (Reported)	Count	N/A	51 stores (as of June 30)

The company is also developing new revenue streams associated with the magazine's content, which is a channel for future monetization:

• Paid voting opportunities.
• Special editions and calendars.
• New content series for digital consumption.

The shift to the asset-light model is evident in the revenue mix, with licensing becoming the primary driver of top-line growth, even as the DTC segment focuses on margin improvement over volume. Finance: draft 13-week cash view by Friday.

PLBY Group, Inc. (PLBY) - Canvas Business Model: Customer Segments

You're mapping out the customer base for Playboy, Inc. (formerly PLBY Group, Inc.) as of late 2025, and the picture is definitely one of strategic focus. The company is aggressively pivoting to an asset-light model, meaning the customer segments are now heavily weighted toward partners who can scale the brand globally without massive capital outlay from the company itself. The brand's reach is vast, with products and content available in approximately 180 countries.

Here's a breakdown of the distinct groups that drive the current financial performance, which saw total revenue hit $29.0 million in Q3 2025, leading to a net income of $0.5 million that same quarter.

Global consumer product companies seeking iconic brand co-branding

This segment is the engine of the new model, evidenced by the Licensing revenue surge. These partners are key to global scale. The company signed 14 new licensing deals year-to-date in 2025. This focus drove Licensing revenue to $12.0 million in Q3 2025, a 61% year-over-year increase. A major component here is the digital platform outsourcing to Byborg Enterprises S.A., which guarantees at least $20 million annually for the next 15 years, starting in 2025.

Affluent consumers of luxury lingerie and sexual wellness products

These customers engage primarily through the Honey Birdette brand, which falls under the Direct-to-Consumer (DTC) segment. While DTC revenue saw a slight year-over-year decrease of 1% in Q3 2025 to $16.4 million, this was intentional, as management cut promotional days to protect brand health. The strategy is working on margins: Honey Birdette gross margins expanded to 61% in Q3 2025, and full-price sales were up 15% that quarter. This shows a clear preference for higher-value transactions from this consumer group.

Digital subscribers and fans of lifestyle and entertainment content

The direct subscription model has been largely transitioned to the Byborg license, but the brand still captures fan engagement directly. For instance, the Great Playmate Search attracted approximately 16,000 entrants and over 130,000 registered users so far in 2025. The media side is also seeing a revitalization; the company plans to increase the magazine's publication frequency from one issue in 2025 to four issues in 2026, unlocking ancillary revenue streams like paid voting.

Hospitality and gaming operators for branded experiences

This is an emerging focus area for licensing growth. Management is actively pursuing new deals in land-based entertainment and gaming. A concrete example of this segment's future is the plan to develop a Playboy-branded membership club in the United States, likely in Miami Beach where the headquarters relocated in 2025. These operators seek to leverage the brand's cultural cachet for high-touch experiences.

Brand enthusiasts and collectors of physical and digital assets

This group supports the premium nature of the relaunched media and collectible offerings. The focus on brand health, seen in the DTC segment, caters to collectors who value authenticity over deep discounts. The calendar release, slated for November 2025, is another direct appeal to this segment, offering a physical asset tied to the brand's core aesthetic.

Here's the quick math on how the revenue segments are serving these customers as of the latest reported figures:

Customer-Relevant Segment	Q3 2025 Revenue (USD Millions)	YoY Licensing Growth (Q3 2025)	Key Metric/Data Point
Licensing Partners (Co-Branding/Digital Ops)	$12.0	61%	Byborg Minimum Annual Royalty: $20 million
DTC Consumers (Lingerie/Wellness)	$16.4	N/A	Honey Birdette Gross Margin: 61% (Q3 2025)
Media/Content Fans	Portioned into Licensing/DTC	N/A	Great Playmate Search Registered Users: >130,000

What this estimate hides is the intentional shift away from lower-margin retail, which is why DTC revenue was down slightly, but the underlying profitability improved. The company ended Q3 2025 with over $32 million in cash, which helps fund the pursuit of these high-value customer relationships without immediate financial strain.

Finance: draft 13-week cash view by Friday.

PLBY Group, Inc. (PLBY) - Canvas Business Model: Cost Structure

The Cost Structure for PLBY Group, Inc. centers on managing operating expenses while supporting the asset-light licensing model and the remaining direct-to-consumer (DTC) operations.

General and administrative (G&A) expenses are captured within the broader Total Operating Expenses. For the first quarter of 2025, Total Operating Expenses were reported at $35.1 million, representing a 6% decrease from the $37.2 million reported in Q1 2024. This reduction reflects ongoing efforts to simplify the business and move toward leaner cost targets.

Unforeseen or specific legal costs contribute to the cost base. For instance, Q3 2025 Adjusted EBITDA was burdened by $2.5 million of litigation costs related to former licensees. This expense impacted the reported Q3 2025 Adjusted EBITDA of $4.1 million; without it, the figure would have been $6.6 million.

Costs associated with the Direct-to-Consumer segment, which is predominantly the Honey Birdette business, are tracked through Cost of Goods Sold (COGS). While a specific COGS number isn't always isolated, the gross margin provides insight into the cost relative to sales. In Q1 2025, Honey Birdette's gross margin expanded to 58% from 52% year-over-year. Given that DTC revenue was $16.3 million in Q1 2025, the approximate Cost of Sales for that period would be:

Metric	Value (Q1 2025)
Direct-to-Consumer Revenue	$16.3 million
Gross Margin Percentage	58%
Calculated Cost of Sales (COGS)	$6.846 million

The company is actively investing in brand initiatives to reignite growth, focusing on high-potential verticals. These include:

• Media and experiences.
• Hospitality.
• The relaunch of PLAYBOY magazine, which returned to newsstands in February 2025.

Financing costs are a material component of the cost structure, driven by outstanding debt obligations. As of March 31, 2025, PLBY Group, Inc. reported total long-term debt of $155.1 million. The associated interest expense for Q1 2025 was $1.888 million (Interest expense, net). This cost structure element is being actively managed, as the debt facility was amended in Q3 2025 to extend maturity until May 2028 and provide for interest rate reductions based on certain prepayments. The Q3 2025 interest expense was reported as $1.9 million.

PLBY Group, Inc. (PLBY) - Canvas Business Model: Revenue Streams

You're looking at the core ways PLBY Group, Inc. is pulling in cash as of late 2025, which is heavily weighted toward asset-light licensing deals now.

Licensing royalties are a major driver, showing significant acceleration. Revenue from this stream grew by an impressive 61% year-over-year in Q3 2025. This growth is a direct result of strategic shifts, including restructuring key international partnerships.

The guaranteed minimum annual payments from the Byborg licensing deal form a foundational revenue base. This agreement locks in $20 million in annual minimum guaranteed payments to PLBY Group over the initial 15-year term, amounting to a total of $300 million. As of early 2025, approximately 86% of the licensing revenue was already secured through these contracted guaranteed minimums. The company projected total full-year 2025 revenue of approximately $120 million, underpinned by these royalty payments.

Direct-to-consumer (DTC) sales from Honey Birdette remain a component, though the focus has shifted. The company reported total quarterly revenue of $29.0 million in Q3 2025. This figure reflects the decision to retain the business following operational improvements, but it also incorporates the impact of strategic decisions like the closure of seven Honey Birdette stores since Q3 2024, which reduced revenue by about $0.4 million in the quarter.

For media and content revenue from subscriptions and sponsorships, the latest concrete data point shows strength in the digital side. In Q3 2024, the digital subscriptions and content segment revenue was $5.5 million, marking a 5% year-over-year increase. The company is focused on expanding its brand presence through media and experiences, which includes the creator platform.

The company is actively pursuing royalties from new verticals like gaming, hospitality, and metaverse experiences. The Byborg partnership itself was noted to be core to pursuing additional new revenue streams, including those related to artificial intelligence dating and experiences. Specific revenue figures for these emerging verticals in 2025 haven't been broken out yet, but they represent the planned next phase of growth.

Here's a quick look at some of the key financial figures related to the revenue structure:

Revenue Component/Metric	Latest Reported Figure	Period/Context
Q3 2025 Total Revenue	$29.0 million	Q3 2025
Licensing Revenue YoY Growth	61%	Q3 2025
Byborg Annual Minimum Guarantee	$20 million	Annual, over 15 years
Byborg Total Minimum Guarantee	$300 million	Total over 15 years
Secured Licensing Revenue	~86%	Secured via guaranteed minimums as of early 2025
Projected Full-Year 2025 Revenue	~$120 million	Full Year 2025 Projection
Digital Subscriptions & Content Revenue	$5.5 million	Q3 2024

The key revenue streams PLBY Group, Inc. is emphasizing include:

• Licensing royalties, which grew 61% year-over-year in Q3 2025.
• Guaranteed minimum annual payments from the Byborg licensing deal.
• Direct-to-consumer (DTC) sales from Honey Birdette.
• Media and content revenue from subscriptions and sponsorships.
• Royalties from new verticals like gaming, hospitality, and metaverse experiences.

Finance: draft 13-week cash view by Friday.