Playboy’s best selling issue sold more than 7 million copies. At the peak of its print circulation, Hugh Hefner’s magazine generated $12 million in revenue. Hefner’s Playboy empire expanded to include the Playboy clubs, an E! reality TV show and sold billions of dollars worth of merchandise. But today, Playboy is a mere shell of what it once was. Here’s what lead to the rise and fall of Playboy.