Playboy's Movies And Records Losses Millions example essay topic

Hugh Hefner was born in Chicago Illinois on April 9, 1926. As a child, Hugh Hefner attended Sayre Elementary School and Steinmetz High in Chicago. He didn't get the best grades but he was just an average student getting by in school. Hugh Hefner became scared of girls and was afraid to approach them. This was caused by his parents who were Methodist and very religious. At 18 he joined the army for two years up until 1946.

Years later, Hefner started up Playboy in 1953. Playboy magazine featured women posing nude as well as articles and stories by well known writers. Hefner had more success than the magazine when he opened Playboy Clubs International which operated as both night clubs and restaurants. Hefner opened Playboy hotel-resorts in Jamaica, The British West Indies, and other locations as well. His profits from playboy enabled him to buy a 48-room mansion in Chicago. Most of his work was done in his mansion where Playboy models posed.

A huge challenge arose to Playboy when Guccione began publishing Penthouse magazine. Guccione wanted to move Playboy from its commanding position and become a serious competitor. Penthouse magazine gained a large amount of readers by publishing more explicit photographs of its nude models. Hefner responded slowly to Guccione and did not allow full nudity in Playboy until 1972. The competition between the two magazines was named the "pubic wars" by the media. At the same time the "war" was going on Hefner expanded Playboy and included the Playboy TV channel, movies, and records.

Although, this expansion by Hefner produced mixed results because Playboy's movies and records losses millions. Annual profits of Playboy decreased dramatically from $20 million in 1973 to $2 million in 1975. Hefner ended up firing 100 employees as he kept losing money through the years. But soon after he moved from his Chicago palace to luxurious digs in Los Angeles-he brought in a new president to turn the bad situation into a good one. As the crisis got worse, Hefner turned to his daughter Christine Ann Hefner for help.

In 1975 Christie joined Playboy as a special assistant. She advanced to the vice president in 1977 and in 1982 Hefner agreed to make Christie president of Playboy Industries. As president, she cut the firm's debts, donated the Chicago mansion the the city's Art Institute, and in 1986 closed all of Playboys clubs. The business still ended up losing 62 million dollars.

In 1989 Hugh Hefner married Playmate of the Year Kimberly Conrad. The couple had two children and meanwhile Christie Hefner became CEO of Playboy and began returning a profit. Playboy made 3 million in 1997 and the company's net revenues reached close to $297 million.