Its executives admit that Playboy has been overtaken by the changes it pioneered. “That battle has been fought and won,” said Scott Flanders, the company’s chief executive. “You’re now one click away from every sex act imaginable for free. And so it’s just passé at this juncture.”

For a generation of American men, reading Playboy was a cultural rite, an illicit thrill consumed by flashlight. Now every teenage boy has an Internet-connected phone instead. Pornographic magazines, even those as storied as Playboy, have lost their shock value, their commercial value and their cultural relevance.

Playboy’s circulation has dropped from 5.6 million in 1975 to about 800,000 now, according to the Alliance for Audited Media. Many of the magazines that followed it have disappeared. Though detailed figures are not kept for adult magazines, many of those that remain exist in severely diminished form, available mostly in specialist stores. Penthouse, perhaps the most famous Playboy competitor, responded to the threat from digital pornography by turning even more explicit. It never recovered.