PLBY Group Inc PLBY went public via special purpose acquisition company in February. Now, the iconic company is focused on transformation as it explores opportunities with NFTs, the metaverse and more.
"We are transforming this company into a web 3.0 company moving forward," PLBY Group CEO Ben Kohn said Friday on Benzinga's YouTube show "Benzinga Live."
The company has a "very robust" pipeline and strategy as it relates to its transformation efforts, the CEO said.
Web 3.0 represents a vision of the future internet in which everything operates on a decentralized basis. It creates opportunities for the PLBY Group to flourish without the censorship issues it has faced in the past.
"When you think about, you know, our friend Mark Zuckerberg deciding what is and what isn't appropriate, web 3.0 gives us a way around that," Kohn said.
The PLBY Group CEO told Benzinga the company plans to focus on membership revenue streams as it works on developing a Playboy mansion in the metaverse, which he described as "the 21st century version of the [Playboy] magazine."
In October, PLBY Group acquired Dream, a social content platform that provides creators with tools to interact directly with their fans. The platform will serve as the technology foundation for the launch of Playboy’s metaverse platform, Centerfold.
"We are going to use blockchain, NFTs and everything else as part of our global strategy," Kohn said.
He went on to talk about PLBY Group's relationships with its talent, potential Centerfold revenue sources, the Dream acquisition and more.
See the full interview here:
PLBY Price Action: PLBY Group has traded as high as $63.04 and as low as $11.02 since its public debut in February.
The stock was down 6.18% at $32.77 Friday afternoon.
Photo: MargaretNapier from Flickr.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
