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for me the drop in sales was related to them dropping the cyberclub. also the join process is completely different now, which is probably why the join hits to joins ratio has dropped. before it was a one-click upsell cart. now its set up like any other porn site.
before the management switch, Playboy had a nice setup and cyberclub was a top seller, ie very easy to convert. now they only have Plus, TV, and Mobile.
if you are looking for reasons, i'd start at these two things..
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PornCMS / low cost large library paysite management 
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