Playboy was founded by Hugh Hefner and his associates in 1953. It is an American nude and entertainment magazine. Hugh founded the company with $1000, which he had loaned from his mother, and it later became one of the largest print companies in the entertainment business where it targets the men in a way that it showed the female nudity and sexual material in a very sophisticated manner.
The magazine company remains one of the best popularly known brands in the entertainment industry for its crucial role in the sexual revolution through its nude and seminude models, commonly known as the playmates. In most cases, Playboy features monthly interviews with celebrities such as Novelists, Artists, religious figures, economists, athletes, and even politicians. It has also published many of the short stories by very famous novelists such as Roald Dahi and Arthur C. Clarke. It has created the pathway for famous cartoonists such as Jack Cole, Jules Feiffer, and Ronald B Wilson for its consistent use of full paged color cartoons.
The Magazine was previously in print, but in March 2020, the CEO Ben Kohn, issued the last print issue of The PlayBoy and announced that they would be publishing their contents on their online platform. This was majorly due to the 2019-2020 coronavirus pandemic, which had interfered with the distribution of the Magazine across the country and the world at large.
Due to the increasing competition mostly through the film industry and the internet, the Magazine has opted to change its content, whereby it will not be using nude models anymore, and they believe this will help the company in the long run.
In 1953 the then 1949 psychology graduate of the University of Illinois Hugh Hefner, who was working in Chicago for the Esquire magazine, began working out on the elements of his Magazine that he would name Stag Party. He later formed a publishing company where he recruited his friend Eldon Sellers, and together they started looking for investors. They then were able to raise an outstanding sum of money of about $8000 that would enable them to start the business.
Still, even before they had the chance to publish, they received a threat by the then Magazine by the name Stag that they would sue them if they had tried using the Stag Party as their franchise name. Therefore together with his wife and friend, came up with different ideas for the Magazine’s title, such as Gentleman, Top Hat, Sir, Styr, and Bachelor before Sellers suggest The PlayBoy which they eventually picked.
Later in December of that year, they published the first copy of the PlayBoy. Hugh had not started working on the second copy because he was not even sure if the first edition would also succeed. On the first edition of PlayBoy, they used a picture of the then most popularly known actress Marilyn Monroe who had been used for a calendar the same year.
This picture of Marilyn had been heavily advertised by the calendar and also through the teasers in marketing, and this made it a success for the PlayBoy magazine, which sold out in a matter of weeks and gained a lot of fame throughout the country. In March, April, and May of the 1954 issues of the PlayBoy, Hugh serialized the then 1953 published novel by Roy Bradbury by the name Fahrenheit 451.
From 1955 to 1976, issues of PlayBoy, the P in the PlayBoy was accompanied by several stars, and this led to many speculations. People started coming up with their own stories to explain the stars such as it either represented how many times Hugh had slept with the models or even maybe it had described how good the models were in bed, and this increased the popularity of the Magazine to the people.
In 1968, the company faced a lot of protests from female feminists such as Miss America Protests, who wanted the company to stop exploiting women, and they had even gone ahead to publish and distribute pamphlets that were written “ No More Miss America.”
In the 70s, the company faced a challenge where ever since it had reached its pick, it saw a decline in its circulation and cultural relevance mainly due to the competition from the pornography videos that had started circulating in the country. In response to this competition, it tried to regain its customers by first publishing recent interviews with the then-popular Hip Hop artists to draw the hip hop fans along their way. This led the company to be able to circulate a high point of 7.2 million copies in 1972 and average sales of 5.6 million copies in 1975.
In the 80s, the leadership of the company declined very fast, and this was due to mainly being won over by the competitors. The content it provided was rendered less provocative, unlike pornographic videos of the time and also the racier publications such as the Penthouse, which had more nude photography. However, under the leadership of Hugh’s daughter, Christine Hugh, who had been appointed the president of the parent company in 1982 and later appointed as the chief executive officer from 1988 to 2009, the company was able to handle its competition very well. By the end of the decade, the circulation had stabilized to about 3.4 million.
In 1994, the company established a website, and this brought a huge success of the company during the 1990s. However, in the 2000s, its circulation began to drop massively on the print magazine to the point that produced only ten issues in 2009. This was majorly due to the most available free pornography on the internet at the time. This became so deep to the company, in that in 2015, the company announced that they would no longer feature the full nudity in the print magazine even though they would still feature the playmate of the month.
Things did not as planned for the company, and in 2017 they decided to bring back the nudity and explained to the public that it had been a mistake. In 2018, Jim Pozzanghera of the Los Angeles PlayBoy was reported to wanting to deal away with the print magazine because it had continuously reported over $7million in the previous years, and this led to the decision that they would be publishing the print magazine quarterly from 2019.
Awards and Achievements
PlayBoy is very proud to be recognized as of the best companies in the entertainment industry. The company created the Hugh M Hefner First Amendment Award to honor the Playboy founder Hugh Hefner. It is always acknowledged to those individuals who have made significant contributions to enhance First Amendment rights for Americans.
Net worth of PlayBoy in 2021
The market gap gives a sense of the market value of a company. There is also the changing opinion by the investors where the market can at any time. The PlayBoy Company is worth $1.5 billion as of June 2021.
The PlayBoy Company has been able to achieve a lot despite many challenges in the market. It has gained a lot of fame and wealth to the Hugh family. Investors should emulate Hugh in not giving up on their dreams, and they will achieve a lot as long as they set a good base for their investments and also to be ready to change as the world changes.