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The legend stated that this was either a rating that Hefner gave to the Playmate according to how attractive she was, the number of times that Hefner had slept with her, or how good she was in bed.

It is known simply as the "Lenna" (also "Lena") image in that field.

Playboy's iconic and enduring mascot, a stylized silhouette of a rabbit wearing a tuxedo bow tie, was created by Playboy art director Art Paul for the second issue as an endnote, but was adopted as the official logo and has appeared ever since.

Since reaching its peak in the 1970s, Playboy saw a decline in circulation and cultural relevance due to competition in the field it founded—first from Penthouse, then Oui (which was published as a spin-off of Playboy) and Gallery in the 1970s; later from pornographic videos; and more recently from lad mags such as Maxim, FHM, and Stuff.

In response, Playboy has attempted to re-assert its hold on the 18–35 male demographic through slight changes to content and focusing on issues and personalities more appropriate to its audience—such as hip-hop artists being featured in the "Playboy Interview".

In January 2011, the publisher of Playboy magazine agreed to an offer by Hefner to take the company private for $6.15 per share, an 18 percent premium over the price of the last previous day of trading.

Playboy CEO Scott Flanders acknowledged the magazine's inability to compete with freely available Internet pornography and nudity; according to him, "You're now one click away from every sex act imaginable for free. Josh Horwitz of Quartz argues that the motivation for the decision to remove nudity from the magazine was to give Playboy Licensing a less deviant image in India and China, where the brand is a popular item on apparel and thus generates significant revenue.

Among other changes to the magazine included ending the popular jokes section and the various cartoons that appeared throughout the magazine.