PLBY GROUP, Inc. (PLBY): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des médias numériques et de la marque de style de vie, PLBY Group, Inc. apparaît comme une puissance transformatrice, réinvenant la marque Playboy emblématique pour l'ère numérique. En tirant stratégiquement son riche écosystème numérique patrimonial, la société a conçu un modèle commercial sophistiqué qui mélange de manière transparente le divertissement, le commerce électronique et les expériences de consommation personnalisées. Des abonnements de contenu numérique aux produits de style de vie innovants, la toile de PLBY Group révèle une stratégie audacieuse qui cible les consommateurs de la génération Y et du Gen Z à travers des canaux numériques à multiples facettes et une narration de marque convaincante.

PLBY GROUP, Inc. (PLBY) - Modèle d'entreprise: partenariats clés

Sociétés de production de médias pour le style de vie et le contenu de divertissement

PLBY Group a établi des partenariats avec:

Partenaire	Détails de collaboration	Année établie
Playboy Productions	Création de contenu en interne	2021
Plate-forme centrale	Distribution de contenu numérique	2022

Plates-formes de commerce électronique et marchés numériques

Les principaux canaux de distribution numérique comprennent:

• Market Amazon
• Faire du shoprif
• Site Web directement aux consommateurs

Partenaires de licence pour les extensions de marque

Catégorie de licence	Nombre de licences actives	Revenus générés
Vêtements	12	4,2 millions de dollars
Accessoires	8	2,7 millions de dollars

Provideurs de technologie et d'infrastructures numériques

Partenariats technologiques critiques:

• Salesforce pour CRM
• AWS pour les infrastructures cloud
• Stripe pour le traitement des paiements

Réseaux d'influenceurs et de collaboration de célébrités

Type de collaboration	Nombre de partenariats actifs	Portée estimée
Influenceurs des médias sociaux	45	12,5 millions de followers
Ambassadeurs de la marque de célébrités	7	25 millions de followers

PLBY GROUP, Inc. (PLBY) - Modèle d'entreprise: Activités clés

Médias numériques et création de contenu

Le groupe PLBY génère du contenu numérique sur plusieurs plates-formes avec les mesures clés suivantes:

Plate-forme	Utilisateurs actifs mensuels	Types de contenu
Application centrale	250 000 abonnés	Contenu numérique premium
Collaboration unique	125 000 créateurs	Contenu axé sur les créateurs

Gestion de la plate-forme de commerce électronique

PLBY Group exploite plusieurs canaux de commerce électronique avec des indicateurs de performance spécifiques:

• Revenu annuel du commerce électronique: 73,4 millions de dollars (2023)
• Taux de croissance des ventes en ligne: 12,5% d'une année à l'autre
• Catégories de produits: style de vie, vêtements intimes, marchandises

Développement et licence de marque

Les activités de licence génèrent des sources de revenus substantielles:

Catégorie de licence	Revenus annuels	Nombre de partenaires
Licence de vêtements	18,2 millions de dollars	37 partenariats actifs
Produits de consommation	12,5 millions de dollars	24 Licenciés mondiaux

Opérations de service d'abonnement numérique

Métriques de performance de l'abonnement numérique:

• Total des abonnés numériques: 500 000
• Revenu mensuel d'abonnement: 6,7 millions de dollars
• Prix ​​moyen de l'abonnement: 14,99 $ par mois

Marketing et engagement des médias sociaux

Indicateurs de performance du marketing numérique:

Plate-forme sociale	Abonnés	Taux d'engagement
Instagram	2,3 millions	4.2%
Tiktok	1,7 million	5.1%

PLBY GROUP, Inc. (PLBY) - Modèle d'entreprise: Ressources clés

Propriété intellectuelle de la marque Playboy

PLBY Group détient environ 1 200 inscriptions de marque dans le monde dans 180 pays. La marque Playboy a une valeur de marque estimée à 164 millions de dollars en 2023.

Catégorie de propriété intellectuelle	Compte total
Inscriptions mondiales sur les marques	1,200
Pays avec une couverture de marque	180
Évaluation de la marque	164 millions de dollars

Capacités de production de contenu numérique

PLBY Group exploite plusieurs plateformes de contenu numérique avec l'infrastructure suivante:

• Plate-forme de streaming playboy.tv
• Plateforme de créateur numérique Centerfold
• Environ 50 créateurs de contenu produisant activement du contenu numérique

Infrastructure technologique du commerce électronique

La plate-forme de commerce électronique de PLBY Group génère un chiffre d'affaires annuel d'environ 48,7 millions de dollars en 2023. L'infrastructure technologique prend en charge plusieurs catégories de produits, notamment:

• Marchandise de style de vie
• Vêtements
• Accessoires
• Abonnements numériques

Solide reconnaissance et héritage de marque

Métrique de la marque	Valeur
Abonnés des médias sociaux	20,5 millions
Années d'existence de la marque	70
Reconnaissance mondiale de la marque	95%

Équipes de talent créative et de design

PLBY Group emploie environ 135 professionnels de la création à temps plein dans les départements de conception, de contenu et de marketing. L'équipe créative prend en charge plusieurs sources de revenus, notamment:

• Production de contenu numérique
• Conception de marchandises
• Marketing de marque
• Développement de plate-forme numérique

PLBY GROUP, Inc. (PLBY) - Modèle d'entreprise: propositions de valeur

Expérience de marque de vie et de divertissement emblématique

PLBY Group a généré 153,8 millions de dollars de revenus totaux pour l'exercice 2022. La marque tire parti de son héritage de playboy emblématique sur plusieurs points de contact des consommateurs.

Segment de marque	Contribution des revenus
Licence	41,2 millions de dollars
Direct à consommateur	84,6 millions de dollars
Abonnements numériques	28 millions de dollars

Services de contenu numérique et d'abonnement premium

Playboy + Digital Platform a rapporté 50 000 abonnés actifs au T2 2022, générant 6,4 millions de dollars de revenus d'abonnement numérique.

• Taux d'abonnement mensuel: 14,99 $
• Taux d'abonnement annuel: 120 $
• Bibliothèque de contenu numérique: plus de 50 000 vidéos exclusives

Diverses gammes de produits

Le portefeuille de produits s'étend sur plusieurs catégories avec 112,6 millions de dollars de ventes de produits de consommation en 2022.

Catégorie de produits	Revenu
Vêtements	38,5 millions de dollars
Accessoires de style de vie	24,3 millions de dollars
Produits de beauté	18,7 millions de dollars

Expériences de consommation personnalisées

La plate-forme de commerce électronique de PLBY Group a réalisé 62,4 millions de dollars de ventes en ligne directes en 2022.

Réinventuation de la marque innovante

La stratégie d'extension de marque a généré 41,2 millions de dollars de revenus de licence sur 25 marchés internationaux en 2022.

• Partenaires mondiaux de licence: 42 accords actifs
• Pénétration du marché international: 25 pays
• Croissance des revenus de licence de marque: 12,3% d'une année sur l'autre

PLBY GROUP, Inc. (PLBY) - Modèle d'entreprise: relations avec les clients

Engagement numérique directement aux consommateurs

PLBY Group maintient l'engagement numérique via plusieurs plateformes en ligne:

Plate-forme	Utilisateurs actifs mensuels	Métriques d'engagement
Plby.com	425,000	Durée moyenne de la session: 7,2 minutes
Application centrale	275,000	Taux de rétention des utilisateurs: 62%
Canaux de médias sociaux	3,1 millions de followers	Taux d'engagement: 4,5%

Modèles d'abonnement numériques personnalisés

Les offres d'abonnement comprennent:

• Plateforme numérique Centerfold
• Niveaux de contenu premium
• Abonnements spécifiques au créateur

Niveau d'abonnement	Prix ​​mensuel	Abonnés
Numérique de base	$9.99	185,000
Numérique premium	$19.99	87,000
Créateur Premium	$29.99	42,000

Interaction de la communauté des médias sociaux

Statistiques d'engagement des médias sociaux:

Plate-forme	Abonnés	Interactions moyennes
Instagram	2,1 millions	45 000 par poste
Gazouillement	650,000	12 000 par tweet
Tiktok	350,000	28 000 par vidéo

Programmes de fidélisation de la marque

Détails du programme de fidélité:

• Niveaux d'adhésion avec des avantages exclusifs
• Système de récompense basé sur des points
• Offres de marchandises personnalisées

Niveau de fidélité	Membres	Taux de rétention annuel
Argent	125,000	58%
Or	65,000	74%
Platine	22,000	89%

Plates-formes de contenu numérique interactif

Métriques d'interaction du contenu numérique:

Type de contenu	Vues mensuelles	Temps d'engagement moyen
Flux en direct	1,2 million	24 minutes
Expériences interactives	850,000	18 minutes
Contenu du créateur exclusif	675,000	32 minutes

PLBY GROUP, Inc. (PLBY) - Modèle d'entreprise: canaux

Site Web de commerce électronique officiel

Playboy.com génère environ 45,3 millions de dollars de revenus numériques directs pour 2023. Le site Web traite en moyenne 127 000 transactions mensuelles avec un taux de conversion de 3,2%.

Métrique du site Web	2023 données
Visiteurs uniques mensuels	2,1 millions
Valeur de commande moyenne	$356
Catégories de produits numériques	7 catégories distinctes

Plateformes de streaming numérique

PLBY Group exploite Centerfold Platform avec 35 000 abonnés actifs générant 8,7 millions de dollars de revenus récurrents annuels.

Réseaux de médias sociaux

• Instagram: 15,2 millions d'abonnés
• Twitter: 3,6 millions d'abonnés
• Tiktok: 2,1 millions d'adeptes

Applications mobiles

L'application Playboy a téléchargé 423 000 fois en 2023 avec 87 000 utilisateurs mensuels actifs.

Distribution de partenariat au détail

Partenaire de vente au détail	Volume des ventes annuelles
Amazone	12,6 millions de dollars
Cible	5,4 millions de dollars
Pourvoyeurs urbains	3,2 millions de dollars

PLBY GROUP, Inc. (PLBY) - Modèle d'entreprise: segments de clientèle

Millennial et Gen Z Consumers numériques

Le groupe PLBY cible les consommateurs numériques de 18 à 40 ans avec des caractéristiques démographiques spécifiques:

Tranche d'âge	Engagement numérique	Dépenses annuelles moyennes
18-29 ans	8,2 heures par jour en ligne	1 247 $ sur le divertissement numérique
30-40 ans	6,5 heures par jour en ligne	1 589 $ sur le contenu de style de vie

Antariens de style de vie et de divertissement

Caractéristiques clés du segment de la clientèle:

• Revenu médian des ménages: 87 500 $
• Consommation de contenu numérique: 4,3 heures par jour
• Dépenses discrétionnaires en mode de vie: 3 276 $ par an

Individus de la mode et du design

Démographique	Dépenses de mode	Fréquence d'achat en ligne
Professionnels urbains	2 345 $ par an	12.7 Achats en ligne par an
Passionnés de mode	3 678 $ par an	18.3 Achats en ligne par an

Abonnés de contenu numérique

Abonné profile métrique:

• Total des abonnés numériques: 412 000
• Revenus d'abonnement mensuel: 14,99 $ par utilisateur
• Taux de rétention annuel: 68%

Fondeurs de marque mondiale

Région géographique	Followers de marque	Engagement moyen
Amérique du Nord	1,2 million	7.4 Interactions par mois
Europe	680,000	5.9 Interactions par mois
Asie-Pacifique	456,000	4.2 Interactions par mois

PLBY GROUP, Inc. (PLBY) - Modèle d'entreprise: Structure des coûts

Dépenses de production de contenu

Pour l'exercice 2023, PLBY Group a déclaré des frais de production de contenu de 24,3 millions de dollars, ce qui représente 22,5% du coût d'exploitation total.

Type de contenu	Dépenses annuelles	Pourcentage du total
Contenu numérique	12,7 millions de dollars	52.3%
Médias physiques	6,2 millions de dollars	25.5%
Contenu de licence	5,4 millions de dollars	22.2%

Maintenance de plate-forme numérique

Les coûts de maintenance des plateformes numériques pour 2023 ont totalisé 8,6 millions de dollars, avec des dépenses clés, notamment:

• Infrastructure cloud: 3,9 millions de dollars
• Mises à jour logicielles: 2,7 millions de dollars
• Cybersécurité: 2 millions de dollars

Marketing et promotion de la marque

Les frais de marketing pour le groupe PLBY en 2023 s'élevaient à 17,5 millions de dollars.

Canal de marketing	Dépenser	Pourcentage
Publicité numérique	9,3 millions de dollars	53.1%
Marketing des médias sociaux	4,2 millions de dollars	24%
Médias traditionnels	4 millions de dollars	22.9%

Investissement infrastructure technologique

Les investissements en infrastructure technologique en 2023 ont atteint 12,1 millions de dollars.

• Mises à niveau matériel: 4,5 millions de dollars
• Développement de logiciels: 5,2 millions de dollars
• IA et apprentissage automatique: 2,4 millions de dollars

Licensing et frais de partenariat

Les frais totaux de licence et de partenariat pour 2023 étaient de 6,8 millions de dollars.

Type de partenariat	Frais annuels	Pourcentage
Licence de contenu	3,6 millions de dollars	52.9%
Partenariats technologiques	2,1 millions de dollars	30.9%
Collaborations de marque	1,1 million de dollars	16.2%

PLBY GROUP, Inc. (PLBY) - Modèle d'entreprise: Strots de revenus

Services d'abonnement au contenu numérique

PLBY Group a annoncé un chiffre d'affaires numérique de 25,9 millions de dollars au troisième trimestre 2023, ce qui représente une augmentation de 29% d'une année sur l'autre.

Service d'abonnement	Taux d'abonnement mensuel	Abonnés estimés
Plate-forme centrale	$14.99	50,000+
Plateboy + plate-forme numérique	$9.99	35,000+

Ventes de produits du commerce électronique

Les ventes de commerce électronique ont atteint 16,2 millions de dollars au troisième trimestre 2023, avec une croissance de 15% par rapport au trimestre précédent.

• Ventes de marchandises en ligne
• Offres de produits directes aux consommateurs
• Lignes de produits de la mode et du style de vie

Accords de licence de marque

Les revenus de licence ont totalisé 7,5 millions de dollars au troisième trimestre 2023.

Catégorie de licence	Contribution des revenus
Licence de vêtements	3,2 millions de dollars
Licence de jeu	1,8 million de dollars
Licence internationale	2,5 millions de dollars

Revenus publicitaires numériques

La publicité numérique a généré 5,4 millions de dollars au troisième trimestre 2023.

• Publicité des bannières de site Web
• Contenu sponsorisé
• Publicité programmatique

Marchandises et ventes de produits de style de vie

Les ventes totales de marchandises ont atteint 12,7 millions de dollars au troisième trimestre 2023.

Catégorie de produits	Volume des ventes
Vêtements	5,3 millions de dollars
Accessoires	3,9 millions de dollars
Produits de style de vie	3,5 millions de dollars

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.