PLBY Group, Inc. (PLBY): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da mídia digital e da marca de estilo de vida, a Plby Group, Inc. surge como uma potência transformadora, reimaginando a icônica marca Playboy para a era digital. Ao aproveitar estrategicamente sua rica herança e ecossistema digital de ponta, a empresa criou um modelo de negócios sofisticado que combina perfeitamente entretenimento, comércio eletrônico e experiências personalizadas do consumidor. Desde assinaturas de conteúdo digital a produtos inovadores de estilo de vida, a tela do PLBY Group revela uma estratégia ousada que tem como alvo os consumidores da geração do milênio e da geração Z por meio de canais digitais multifacetados e histórias de marcas atraentes.

PLBY Group, Inc. (PLBY) - Modelo de negócios: Parcerias -chave

Empresas de produção de mídia para conteúdo de estilo de vida e entretenimento

O PLBY Group estabeleceu parcerias com:

Parceiro	Detalhes da colaboração	Ano estabelecido
Playboy Productions	Criação interna de conteúdo	2021
Plataforma central	Distribuição de conteúdo digital	2022

Plataformas de comércio eletrônico e mercados digitais

Os principais canais de distribuição digital incluem:

• Amazon Marketplace
• Shopify
• Site direto ao consumidor

Parceiros de licenciamento para extensões de marca

Categoria de licenciamento	Número de licenças ativas	Receita gerada
Vestuário	12	US $ 4,2 milhões
Acessórios	8	US $ 2,7 milhões

Provedores de tecnologia e infraestrutura digital

Parcerias de tecnologia críticas:

• Salesforce para CRM
• AWS para infraestrutura em nuvem
• Faixa para processamento de pagamento

Influenciador e redes de colaboração de celebridades

Tipo de colaboração	Número de parcerias ativas	Alcance estimado
Influenciadores de mídia social	45	12,5 milhões de seguidores
Embaixadores da marca de celebridades	7	25 milhões de seguidores

PLBY Group, Inc. (PLBY) - Modelo de negócios: Atividades -chave

Mídia digital e criação de conteúdo

O PLBY Group gera conteúdo digital em várias plataformas com as seguintes métricas principais:

Plataforma	Usuários ativos mensais	Tipos de conteúdo
Aplicativo central	250.000 assinantes	Conteúdo digital premium
Somente colaboração de Fans	125.000 criadores	Conteúdo orientado a criador

Gerenciamento de plataforma de comércio eletrônico

O PLBY Group opera vários canais de comércio eletrônico com indicadores de desempenho específicos:

• Receita anual de comércio eletrônico: US $ 73,4 milhões (2023)
• Taxa de crescimento de vendas on-line: 12,5% ano a ano
• Categorias de produtos: estilo de vida, vestuário íntimo, mercadoria

Desenvolvimento e licenciamento da marca

Atividades de licenciamento geram fluxos substanciais de receita:

Categoria de licenciamento	Receita anual	Número de parceiros
Licenciamento de vestuário	US $ 18,2 milhões	37 parcerias ativas
Produtos de consumo	US $ 12,5 milhões	24 licenciados globais

Operações de serviço de assinatura digital

Métricas de desempenho de assinatura digital:

• Total de assinantes digitais: 500.000
• Receita mensal de assinatura: US $ 6,7 milhões
• Preço médio de assinatura: US $ 14,99 por mês

Marketing e engajamento de mídia social

Indicadores de desempenho de marketing digital:

Plataforma social	Seguidores	Taxa de engajamento
Instagram	2,3 milhões	4.2%
Tiktok	1,7 milhão	5.1%

PLBY Group, Inc. (PLBY) - Modelo de negócios: Recursos -chave

Propriedade intelectual da marca Playboy

O PLBY Group possui aproximadamente 1.200 registros de marcas comerciais globalmente em 180 países. A marca Playboy tem um valor estimado da marca de US $ 164 milhões em 2023.

Categoria de propriedade intelectual	Contagem total
Registros de marcas comerciais globais	1,200
Países com cobertura de marca registrada	180
Avaliação da marca	US $ 164 milhões

Recursos de produção de conteúdo digital

O PLBY Group opera várias plataformas de conteúdo digital com a seguinte infraestrutura:

• Playboy.tv Streaming Platform
• Centerfold Digital Creator Platform
• Aproximadamente 50 criadores de conteúdo produzindo ativamente conteúdo digital

Infraestrutura de tecnologia de comércio eletrônico

A plataforma de comércio eletrônico do PLBY Group gera receita anual de aproximadamente US $ 48,7 milhões a partir de 2023. A infraestrutura tecnológica suporta várias categorias de produtos, incluindo:

• Mercadoria de estilo de vida
• Vestuário
• Acessórios
• Assinaturas digitais

Forte reconhecimento de marca e legado

Métrica da marca	Valor
Seguidores de mídia social	20,5 milhões
Anos de existência da marca	70
Reconhecimento global da marca	95%

Equipes de talento e design criativos

O PLBY Group emprega aproximadamente 135 profissionais criativos em período integral nos departamentos de design, conteúdo e marketing. A equipe criativa suporta vários fluxos de receita, incluindo:

• Produção de conteúdo digital
• Design de mercadorias
• Marketing de marca
• Desenvolvimento da plataforma digital

PLBY Group, Inc. (PLBY) - Modelo de negócios: proposições de valor

Experiência icônica da marca de estilo de vida e entretenimento

O PLBY Group gerou US $ 153,8 milhões em receita total para o ano fiscal de 2022. A marca aproveita sua icônica herança da Playboy em vários pontos de contato do consumidor.

Segmento de marca	Contribuição da receita
Licenciamento	US $ 41,2 milhões
Direto ao consumidor	US $ 84,6 milhões
Assinaturas digitais	US $ 28 milhões

Conteúdo digital premium e serviços de assinatura

A Playboy+ Digital Platform reportou 50.000 assinantes ativos a partir do quarto trimestre 2022, gerando US $ 6,4 milhões em receita de assinatura digital.

• Taxa mensal de assinatura: $ 14,99
• Taxa anual de assinatura: US $ 120
• Biblioteca de conteúdo digital: mais de 50.000 vídeos exclusivos

Diversas linhas de produtos

O portfólio de produtos abrange várias categorias com US $ 112,6 milhões em vendas de produtos de consumo em 2022.

Categoria de produto	Receita
Vestuário	US $ 38,5 milhões
Acessórios de estilo de vida	US $ 24,3 milhões
Produtos de beleza	US $ 18,7 milhões

Experiências personalizadas do consumidor

A plataforma de comércio eletrônico do PLBY Group alcançou US $ 62,4 milhões em vendas on-line diretas durante 2022.

Reimaginação inovadora da marca

A estratégia de extensão da marca gerou US $ 41,2 milhões em receita de licenciamento em 25 mercados internacionais em 2022.

• Global Licensing Partners: 42 Acordos ativos
• Penetração do mercado internacional: 25 países
• Crescimento da receita de licenciamento de marca: 12,3% ano a ano

PLBY Group, Inc. (PLBY) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento digital direto ao consumidor

O PLBY Group mantém o envolvimento digital por meio de várias plataformas on -line:

Plataforma	Usuários ativos mensais	Métricas de engajamento
Plby.com	425,000	Duração média da sessão: 7,2 minutos
Aplicativo central	275,000	Taxa de retenção de usuários: 62%
Canais de mídia social	3,1 milhões de seguidores	Taxa de engajamento: 4,5%

Modelos de assinatura digital personalizados

As ofertas de assinatura incluem:

• Centerfold Digital Platform
• Camadas de conteúdo premium
• Assinaturas específicas do criador

Camada de assinatura	Preço mensal	Assinantes
Digital básico	$9.99	185,000
Digital premium	$19.99	87,000
Premium do Criador	$29.99	42,000

Interação da comunidade de mídia social

Estatísticas de engajamento de mídia social:

Plataforma	Seguidores	Interações médias
Instagram	2,1 milhões	45.000 por post
Twitter	650,000	12.000 por tweet
Tiktok	350,000	28.000 por vídeo

Programas de fidelidade da marca

Detalhes do programa de fidelidade:

• Níveis de associação com benefícios exclusivos
• Sistema de recompensa baseado em pontos
• Mercadorias personalizadas oferecem

Camada de lealdade	Membros	Taxa de retenção anual
Prata	125,000	58%
Ouro	65,000	74%
Platina	22,000	89%

Plataformas de conteúdo digital interativas

Métricas de interação de conteúdo digital:

Tipo de conteúdo	Visualizações mensais	Tempo médio de engajamento
Transmissões ao vivo	1,2 milhão	24 minutos
Experiências interativas	850,000	18 minutos
Conteúdo exclusivo do criador	675,000	32 minutos

PLBY Group, Inc. (PLBY) - Modelo de Negócios: Canais

Site oficial de comércio eletrônico

O Playboy.com gera aproximadamente US $ 45,3 milhões em receita digital direta para 2023. O site processa uma média de 127.000 transações mensais com uma taxa de conversão de 3,2%.

Métrica do site	2023 dados
Visitantes únicos mensais	2,1 milhões
Valor médio do pedido	$356
Categorias de produtos digitais	7 categorias distintas

Plataformas de streaming digital

O PLBY Group opera a plataforma central com 35.000 assinantes ativos gerando US $ 8,7 milhões em receita recorrente anual.

Redes de mídia social

• Instagram: 15,2 milhões de seguidores
• Twitter: 3,6 milhões de seguidores
• Tiktok: 2,1 milhões de seguidores

Aplicativos móveis

O App Playboy baixou 423.000 vezes em 2023 com 87.000 usuários mensais ativos.

Distribuição de parceria de varejo

Parceiro de varejo	Volume anual de vendas
Amazon	US $ 12,6 milhões
Alvo	US $ 5,4 milhões
Urban Outfitters	US $ 3,2 milhões

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

Millennial e Gen Z Digital Consumidores

O PLBY Group tem como alvo os consumidores digitais de 18 a 40 anos com características demográficas específicas:

Faixa etária	Engajamento digital	Gastos médios anuais
18-29 anos	8,2 horas por dia online	US $ 1.247 em entretenimento digital
30-40 anos	6,5 horas por dia online	US $ 1.589 em conteúdo de estilo de vida

Estilo de vida e entusiastas do entretenimento

Principais características do segmento de clientes:

• Renda familiar média: US $ 87.500
• Consumo de conteúdo digital: 4,3 horas por dia
• Gastos discricionários em estilo de vida: US $ 3.276 anualmente

Indivíduos de moda e design consciente

Demográfico	Gastos de moda	Frequência de compras on -line
Profissionais urbanos	US $ 2.345 anualmente	12,7 compras on -line por ano
Entusiastas da moda	US $ 3.678 anualmente	18,3 compras on -line por ano

Assinantes de conteúdo digital

Assinante profile métricas:

• Total de assinantes digitais: 412.000
• Receita mensal de assinatura: US $ 14,99 por usuário
• Taxa de retenção anual: 68%

Seguidores globais de marca

Região geográfica	Seguidores da marca	Engajamento médio
América do Norte	1,2 milhão	7.4 Interações por mês
Europa	680,000	5.9 Interações por mês
Ásia-Pacífico	456,000	4.2 Interações por mês

PLBY Group, Inc. (PLBY) - Modelo de negócios: estrutura de custos

Despesas de produção de conteúdo

Para o ano fiscal de 2023, o PLBY Group registrou despesas de produção de conteúdo de US $ 24,3 milhões, representando 22,5% do total de custos operacionais.

Tipo de conteúdo	Despesa anual	Porcentagem de total
Conteúdo digital	US $ 12,7 milhões	52.3%
Mídia física	US $ 6,2 milhões	25.5%
Conteúdo de licenciamento	US $ 5,4 milhões	22.2%

Manutenção da plataforma digital

Os custos de manutenção da plataforma digital para 2023 totalizaram US $ 8,6 milhões, com as principais despesas, incluindo:

• Infraestrutura em nuvem: US $ 3,9 milhões
• Atualizações de software: US $ 2,7 milhões
• Segurança Cibernética: US $ 2 milhões

Marketing e promoção de marca

As despesas de marketing do PLBY Group em 2023 totalizaram US $ 17,5 milhões.

Canal de marketing	Gastar	Percentagem
Publicidade digital	US $ 9,3 milhões	53.1%
Marketing de mídia social	US $ 4,2 milhões	24%
Mídia tradicional	US $ 4 milhões	22.9%

Investimento de infraestrutura de tecnologia

Os investimentos em infraestrutura de tecnologia em 2023 atingiram US $ 12,1 milhões.

• Atualizações de hardware: US $ 4,5 milhões
• Desenvolvimento de software: US $ 5,2 milhões
• AI e aprendizado de máquina: US $ 2,4 milhões

Taxas de licenciamento e parceria

As taxas totais de licenciamento e parceria para 2023 foram de US $ 6,8 milhões.

Tipo de parceria	Taxa anual	Percentagem
Licenciamento de conteúdo	US $ 3,6 milhões	52.9%
Parcerias de tecnologia	US $ 2,1 milhões	30.9%
Colaborações de marca	US $ 1,1 milhão	16.2%

PLBY Group, Inc. (PLBY) - Modelo de negócios: fluxos de receita

Serviços de assinatura de conteúdo digital

O PLBY Group relatou receita de assinatura digital de US $ 25,9 milhões no terceiro trimestre de 2023, representando um aumento de 29% ano a ano.

Serviço de assinatura	Taxa de assinatura mensal	Assinantes estimados
Plataforma central	$14.99	50,000+
Playboy+ plataforma digital	$9.99	35,000+

Vendas de produtos de comércio eletrônico

As vendas de comércio eletrônico atingiram US $ 16,2 milhões no terceiro trimestre de 2023, com um crescimento de 15% em relação ao trimestre anterior.

• Vendas de mercadorias on -line
• Ofertas de produtos direta ao consumidor
• Linhas de produtos de moda e estilo de vida

Acordos de licenciamento de marca

A receita de licenciamento totalizou US $ 7,5 milhões no terceiro trimestre de 2023.

Categoria de licenciamento	Contribuição da receita
Licenciamento de vestuário	US $ 3,2 milhões
Licenciamento de jogos	US $ 1,8 milhão
Licenciamento internacional	US $ 2,5 milhões

Receita de publicidade digital

A publicidade digital gerou US $ 5,4 milhões no terceiro trimestre de 2023.

• Anúncios de banner de sites
• Conteúdo patrocinado
• Publicidade programática

Vendas de produtos de mercadorias e estilo de vida

As vendas totais de mercadorias atingiram US $ 12,7 milhões no terceiro trimestre de 2023.

Categoria de produto	Volume de vendas
Roupas	US $ 5,3 milhões
Acessórios	US $ 3,9 milhões
Produtos de estilo de vida	US $ 3,5 milhões

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.