PLBY Group, Inc. (PLBY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los medios digitales y la marca de estilo de vida, Ply Group, Inc. surge como una potencia transformadora, reinventando la icónica marca Playboy para la era digital. Al aprovechar estratégicamente su rico patrimonio y ecosistema digital de vanguardia, la compañía ha creado un modelo de negocio sofisticado que combina sin problemas el entretenimiento, el comercio electrónico y las experiencias personalizadas de los consumidores. Desde suscripciones de contenido digital hasta productos innovadores de estilo de vida, el lienzo de Ply Group revela una estrategia audaz que se dirige a los consumidores Millennial y Gen Z a través de canales digitales multifacéticos y una narración de cuentos de marca convincente.

PLBY Group, Inc. (PLBY) - Modelo de negocio: asociaciones clave

Compañías de producción de medios para contenido de estilo de vida y entretenimiento

PLBY Group ha establecido asociaciones con:

Pareja	Detalles de colaboración	Año establecido
Producciones de Playboy	Creación de contenido interno	2021
Plataforma central	Distribución de contenido digital	2022

Plataformas de comercio electrónico y mercados digitales

Los canales de distribución digital clave incluyen:

• Mercado de Amazon
• Shop
• Sitio web directo al consumidor

Socios de licencia para extensiones de marca

Categoría de licencias	Número de licencias activas	Ingresos generados
Vestir	12	$ 4.2 millones
Accesorios	8	$ 2.7 millones

Proveedores de tecnología e infraestructura digital

Asociaciones de tecnología crítica:

• Salesforce para CRM
• AWS para la infraestructura de la nube
• Rayas para el procesamiento de pagos

Redes de colaboración de influencer y celebridades

Tipo de colaboración	Número de asociaciones activas	Alcance estimado
Influenciadores de las redes sociales	45	12.5 millones de seguidores
Embajadores de la marca de celebridades	7	25 millones de seguidores

PLBY Group, Inc. (PLBY) - Modelo de negocio: actividades clave

Creación de medios digitales y contenido

PLBY Group genera contenido digital en múltiples plataformas con las siguientes métricas clave:

Plataforma	Usuarios activos mensuales	Tipos de contenido
Aplicación central	250,000 suscriptores	Contenido digital premium
Colaboración de solo fans	125,000 creadores	Contenido impulsado por el creador

Gestión de la plataforma de comercio electrónico

PLBY Group opera múltiples canales de comercio electrónico con indicadores de rendimiento específicos:

• Ingresos anuales de comercio electrónico: $ 73.4 millones (2023)
• Tasa de crecimiento de ventas en línea: 12.5% ​​año tras año
• Categorías de productos: estilo de vida, ropa íntima, mercancía

Desarrollo de marca y licencias

Las actividades de licencia generan flujos de ingresos sustanciales:

Categoría de licencias	Ingresos anuales	Número de socios
Licencia de ropa	$ 18.2 millones	37 asociaciones activas
Productos de consumo	$ 12.5 millones	24 licenciatarios globales

Operaciones de servicio de suscripción digital

Métricas de rendimiento de suscripción digital:

• Suscriptores digitales totales: 500,000
• Ingresos de suscripción mensuales: $ 6.7 millones
• Precio de suscripción promedio: $ 14.99 por mes

Compromiso de marketing y redes sociales

Indicadores de rendimiento de marketing digital:

Plataforma social	Seguidores	Tasa de compromiso
Instagram	2.3 millones	4.2%
Tiktok	1.7 millones	5.1%

PLBY Group, Inc. (PLBY) - Modelo de negocio: recursos clave

Propiedad intelectual de la marca Playboy

PLBY Group posee aproximadamente 1,200 registros de marcas comerciales a nivel mundial en 180 países. La marca Playboy tiene un valor de marca estimado de $ 164 millones a partir de 2023.

Categoría de propiedad intelectual	Recuento total
Registros de marca registrada global	1,200
Países con cobertura de marca registrada	180
Valoración de la marca	$ 164 millones

Capacidades de producción de contenido digital

PLBY Group opera múltiples plataformas de contenido digital con la siguiente infraestructura:

• Plataforma de transmisión de playboy.tv
• Plataforma de creador digital central
• Aproximadamente 50 creadores de contenido producen activamente contenido digital

Infraestructura de tecnología de comercio electrónico

La plataforma de comercio electrónico de PLBY Group genera ingresos anuales de aproximadamente $ 48.7 millones a partir de 2023. La infraestructura tecnológica admite múltiples categorías de productos que incluyen:

• Mercancía de estilo de vida
• Vestir
• Accesorios
• Suscripciones digitales

Reconocimiento y legado de marca fuerte

Métrico de marca	Valor
Seguidores de redes sociales	20.5 millones
Años de existencia de la marca	70
Reconocimiento de marca global	95%

Equipos creativos de talento y diseño

PLBY Group emplea aproximadamente 135 profesionales creativos a tiempo completo en los departamentos de diseño, contenido y marketing. El equipo creativo admite múltiples flujos de ingresos que incluyen:

• Producción de contenido digital
• Diseño de mercancías
• Marketing de marca
• Desarrollo de plataforma digital

PLBY Group, Inc. (PLBY) - Modelo de negocio: propuestas de valor

Experiencia icónica de la marca de estilo de vida y entretenimiento

PLBY Group generó $ 153.8 millones en ingresos totales para el año fiscal 2022. La marca aprovecha su icónica herencia de playboy en múltiples puntos de contacto del consumidor.

Segmento de marca	Contribución de ingresos
Licencia	$ 41.2 millones
Directo a consumidor	$ 84.6 millones
Suscripciones digitales	$ 28 millones

Servicios de suscripción y contenido digital premium

Playboy+ Digital Platform informó 50,000 suscriptores activos a partir del cuarto trimestre de 2022, generando $ 6.4 millones en ingresos por suscripción digital.

• Tasa de suscripción mensual: $ 14.99
• Tasa de suscripción anual: $ 120
• Biblioteca de contenido digital: más de 50,000 videos exclusivos

Diversas líneas de productos

La cartera de productos abarca múltiples categorías con $ 112.6 millones en ventas de productos de consumo en 2022.

Categoría de productos	Ganancia
Vestir	$ 38.5 millones
Accesorios de estilo de vida	$ 24.3 millones
Productos de belleza	$ 18.7 millones

Experiencias personalizadas del consumidor

La plataforma de comercio electrónico de PLBY Group logró $ 62.4 millones en ventas en línea directas durante 2022.

Reinvención innovadora de marca

La estrategia de extensión de marca generó $ 41.2 millones en ingresos por licencias en 25 mercados internacionales en 2022.

• Global Licensing Partners: 42 acuerdos activos
• Penetración del mercado internacional: 25 países
• Crecimiento de ingresos por licencias de marca: 12.3% año tras año

PLBY Group, Inc. (PLBY) - Modelo de negocio: relaciones con los clientes

Compromiso digital directo a consumidor

PLBY Group mantiene la participación digital a través de múltiples plataformas en línea:

Plataforma	Usuarios activos mensuales	Métricas de compromiso
Plby.com	425,000	Duración promedio de la sesión: 7.2 minutos
Aplicación central	275,000	Tasa de retención de usuarios: 62%
Canales de redes sociales	3.1 millones de seguidores	Tasa de compromiso: 4.5%

Modelos de suscripción digital personalizados

Las ofertas de suscripción incluyen:

• Plataforma digital central
• Niveles de contenido premium
• Suscripciones específicas del creador

Nivel de suscripción	Precio mensual	Suscriptores
Digital básico	$9.99	185,000
Premium digital	$19.99	87,000
Creador Premium	$29.99	42,000

Interacción de la comunidad de redes sociales

Estadísticas de compromiso de las redes sociales:

Plataforma	Seguidores	Interacciones promedio
Instagram	2.1 millones	45,000 por publicación
Gorjeo	650,000	12,000 por tweet
Tiktok	350,000	28,000 por video

Programas de fidelización de la marca

Detalles del programa de fidelización:

• Niveles de membresía con beneficios exclusivos
• Sistema de recompensa basado en puntos
• Ofertas de mercancías personalizadas

Nivel de lealtad	Miembros	Tasa de retención anual
Plata	125,000	58%
Oro	65,000	74%
Platino	22,000	89%

Plataformas de contenido digital interactivo

Métricas de interacción de contenido digital:

Tipo de contenido	Vistas mensuales	Tiempo de compromiso promedio
Transmisiones en vivo	1.2 millones	24 minutos
Experiencias interactivas	850,000	18 minutos
Contenido de creador exclusivo	675,000	32 minutos

PLBY Group, Inc. (PLBY) - Modelo de negocio: canales

Sitio web oficial de comercio electrónico

Playboy.com genera aproximadamente $ 45.3 millones en ingresos digitales directos para 2023. El sitio web procesa un promedio de 127,000 transacciones mensuales con una tasa de conversión del 3.2%.

Métrico del sitio web	2023 datos
Visitantes únicos mensuales	2.1 millones
Valor de pedido promedio	$356
Categorías de productos digitales	7 categorías distintas

Plataformas de transmisión digital

PLBY Group opera la plataforma Centerfold con 35,000 suscriptores activos que generan $ 8.7 millones en ingresos recurrentes anuales.

Redes de redes sociales

• Instagram: 15.2 millones de seguidores
• Twitter: 3.6 millones de seguidores
• Tiktok: 2.1 millones de seguidores

Aplicaciones móviles

La aplicación Playboy descargó 423,000 veces en 2023 con 87,000 usuarios mensuales activos.

Distribución de asociación minorista

Socio minorista	Volumen de ventas anual
Amazonas	$ 12.6 millones
Objetivo	$ 5.4 millones
Outfitters urbanos	$ 3.2 millones

PLBY Group, Inc. (PLBY) - Modelo de negocio: segmentos de clientes

Consumidores digitales Millennial y Gen Z

PLBY Group se dirige a consumidores digitales de 18 a 40 años con características demográficas específicas:

Rango de edad	Compromiso digital	Gasto anual promedio
18-29 años	8.2 horas diarias en línea	$ 1,247 en entretenimiento digital
30-40 años	6.5 horas diarias en línea	$ 1,589 en contenido de estilo de vida

Estilo de vida y entusiastas del entretenimiento

Características clave del segmento de clientes:

• Ingresos familiares promedio: $ 87,500
• Consumo de contenido digital: 4.3 horas diarias
• Gasto discrecional en estilo de vida: $ 3,276 anualmente

Individuos conscientes de la moda y el diseño

Demográfico	Gasto de moda	Frecuencia de compra en línea
Profesionales urbanos	$ 2,345 anualmente	12.7 compras en línea por año
Entusiastas de la moda	$ 3,678 anualmente	18.3 Compras en línea por año

Suscriptores de contenido digital

Abonado profile métrica:

• Suscriptores digitales totales: 412,000
• Ingresos de suscripción mensuales: $ 14.99 por usuario
• Tasa de retención anual: 68%

Seguidores de la marca global

Región geográfica	Seguidores de la marca	Compromiso promedio
América del norte	1.2 millones	7.4 interacciones por mes
Europa	680,000	5.9 interacciones por mes
Asia-Pacífico	456,000	4.2 Interacciones por mes

PLBY Group, Inc. (PLBY) - Modelo de negocio: Estructura de costos

Gastos de producción de contenido

Para el año fiscal 2023, PLBY Group informó gastos de producción de contenido de $ 24.3 millones, lo que representa el 22.5% de los costos operativos totales.

Tipo de contenido	Gasto anual	Porcentaje de total
Contenido digital	$ 12.7 millones	52.3%
Medios físicos	$ 6.2 millones	25.5%
Contenido de licencias	$ 5.4 millones	22.2%

Mantenimiento de la plataforma digital

Los costos de mantenimiento de la plataforma digital para 2023 totalizaron $ 8.6 millones, con gastos clave que incluyen:

• Infraestructura en la nube: $ 3.9 millones
• Actualizaciones de software: $ 2.7 millones
• Ciberseguridad: $ 2 millones

Marketing y promoción de la marca

Los gastos de marketing para PLBY Group en 2023 ascendieron a $ 17.5 millones.

Canal de marketing	Gastar	Porcentaje
Publicidad digital	$ 9.3 millones	53.1%
Marketing en redes sociales	$ 4.2 millones	24%
Medios tradicionales	$ 4 millones	22.9%

Inversión en infraestructura tecnológica

Las inversiones en infraestructura tecnológica en 2023 alcanzaron los $ 12.1 millones.

• Actualizaciones de hardware: $ 4.5 millones
• Desarrollo de software: $ 5.2 millones
• AI y aprendizaje automático: $ 2.4 millones

Tarifas de licencias y asociación

Las tarifas totales de licencia y asociación para 2023 fueron de $ 6.8 millones.

Tipo de asociación	Tarifa anual	Porcentaje
Licencias de contenido	$ 3.6 millones	52.9%
Asociaciones tecnológicas	$ 2.1 millones	30.9%
Colaboraciones de marca	$ 1.1 millones	16.2%

PLBY GROUP, Inc. (PLBY) - Modelo de negocios: flujos de ingresos

Servicios de suscripción de contenido digital

PLBY Group reportó ingresos por suscripción digital de $ 25.9 millones en el tercer trimestre de 2023, lo que representa un aumento de 29% año tras año.

Servicio de suscripción	Tasa de suscripción mensual	Suscriptores estimados
Plataforma central	$14.99	50,000+
Playboy+ plataforma digital	$9.99	35,000+

Ventas de productos de comercio electrónico

Las ventas de comercio electrónico alcanzaron los $ 16.2 millones en el tercer trimestre de 2023, con un crecimiento del 15% del trimestre anterior.

• Venta de mercancías en línea
• Ofertas de productos directos al consumidor
• Líneas de productos de moda y estilo de vida

Acuerdos de licencia de marca

Los ingresos por licencias totalizaron $ 7.5 millones en el tercer trimestre de 2023.

Categoría de licencias	Contribución de ingresos
Licencia de ropa	$ 3.2 millones
Licencia de juego	$ 1.8 millones
Licencia internacional	$ 2.5 millones

Ingresos publicitarios digitales

La publicidad digital generó $ 5.4 millones en el tercer trimestre de 2023.

• Anuncios de banner de sitio web
• Contenido patrocinado
• Publicidad programática

Venta de productos de mercadería y estilo de vida

Las ventas totales de mercancías alcanzaron los $ 12.7 millones en el tercer trimestre de 2023.

Categoría de productos	Volumen de ventas
Ropa	$ 5.3 millones
Accesorios	$ 3.9 millones
Productos de estilo de vida	$ 3.5 millones

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.