Business
PLBY Group Reports Second Quarter 2023 Financial Results
LOS ANGELES, Aug. 09, 2023 (GLOBE NEWSWIRE) -- PLBY Group, Inc. (NASDAQ: PLBY) (“PLBY Group” or the “Company”), a leading pleasure and leisure lifestyle
About this update from Playboy, Inc.
[{"type":"text","content":"LOS ANGELES, Aug. 09, 2023 (GLOBE NEWSWIRE) -- PLBY Group, Inc. (NASDAQ: PLBY) (“PLBY Group” or the “Company”), a leading pleasure and leisure lifestyle company and owner of Playboy, one of the most recognizable and iconic brands in the world, today provided financial results for the second quarter ended June 30, 2023. Comments from Ben Kohn, Chief Executive Officer of PLBY Group “During the second quarter, we continued to make significant progress transitioning the business to a capital-light model and made substantial improvements to our creator platform. The creator platform continues to demonstrate compelling growth at this early stage, and generated GMV that was 2.2x over Q1’23, after another quarter of rapid topline expansion. If you annualize our weekly GMV today, assuming zero growth, we would do in excess of $35 million of GMV, up from the $25 million on our Q1’23 earnings call. At the end of July, we had almost 2.6 million registered users, up 37% from approximately 1.9 million at the end of April. In addition, we had close to 4,000 earning creators at the end of July, up 82% from 2,200 at the end of April. Of the approximately 4,000 earning creators, almost 1,400 began earning for the first time in July, primarily in the second half of the month. During the quarter, we focused on continuing to improve the platform through data. The most important improvement was reducing friction in onboarding new creators, a process that historically was very labor intensive because we lacked certain tools that would allow us to open the creator funnel wider. In fact, during the quarter we slowed down the creator acquisition funnel as we focused on rolling out a new process and technology. We fully reworked the onboarding process, and in mid-July opened the platform to all creators that want to join. We reworked our discovery channel so that, from a brand perspective, our editors still control who shows up in discovery. The changes also allow us to reallocate resources and capital to focus more on overall platform marketing versus individual creator recruitment and onboarding. We also started testing legacy content on the platform, porting over 12 former Playmate galleries as part of our plan to consolidate multiple offerings into a single technology stack and platform. In addition, we rolled out a new and improved live feature. We a...