Old Web truism: The only thing people will pay for online is porn. But that's not helping Playboy, which has long struggled with the move to the Web. That continued today, when Playboy (PLA) posted a 6 cent per share loss for the quarter instead of the 5 cent profit the Street had been expecting.
Print ads are hurting, which is no surprise, but the digital business also took another hit. Revenues are down to $11.6 million from $14.8 million a year ago for the online/mobile division. Revenue from licensing was the one bright spot – it was up slightly y/y. The company's shares dropped 10% but have since recovered, and are now only down 5%. Perhaps investors have faith in Playboy's newest hire: Maxim veteran Jimmy Jellinek, who's going to become SVP for digital content.
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