[alleyinsider.com]- Old Web truism: The only thing people will pay for online is porn. But that’s not helping Playboy, which has long struggled with the move to the Web. That continued today, when Playboy (PLA) posted a 6 cent per share loss for the quarter instead of the 5 cent profit the Street had been expecting.

Print ads are hurting, which is no surprise, but the digital business also took another hit. Revenues are down to $11.6 million from $14.8 million a year ago for the online/mobile division. Revenue from licensing was the one bright spot – it was up slightly y/y. The company’s shares dropped 10% but have since recovered, and are now only down 5%. Perhaps investors have faith in Playboy’s newest hire: Maxim veteran Jimmy Jellinek, who’s going to become SVP for digital content.

Back story from August 5, 2008: NEW YORK, August 5, 2008 — Playboy Enterprises, Inc. (PEI) (NYSE: PLA, PLAA) today announced the appointment of Jimmy Jellinek as Division Senior Vice President of Digital Content, Digital Media. In this newly created position, Jellinek will be responsible for leading the digital team and directing content efforts for Playboy’s online, mobile, and international digital businesses. This position reports to Tom Hagopian, Division Executive Vice President and General Manager, Digital Media, and will be based in New York, effective September 2, 2008.

“We are in the process of reinventing our digital products and so we are excited to have Jimmy join the team to lead this effort,” said Hagopian. “He brings a wealth of creativity, passion, and experience to this important role and I am certain he will play an integral part in building Playboy’s digital brands with our key demographics and advertisers.”

“It is an honor to be welcomed into one the most iconic brands of the 21st century,” Jellinek stated. “My job, as I see it, is to translate the Playboy lifestyle or as Mr. Hefner says, ‘a handbook for urban men’ onto Playboy.com and Playboy mobile.”

Jellinek, 33, has spent most of his career as an editor and branding expert in the general-interest men’s publishing field. Most recently, he served as Vice President, Entertainment and Programming, for Heavy.com where he oversaw all original content and programming, built relationships with online portals and the entertainment industry, and managed the site’s programmers, production, and content creators. Additionally, he produced one- off programming for the site that attracted millions of viewers, and created unique advertiser-supported and integrated content.

Before joining Heavy.com, Jellinek served as Maxim magazine’s Editor-in-Chief where he ran the editorial operations and acted as the overall brand director with creative control over Maxim.com and other Maxim-related brand extensions. He produced Maxim’s “Hot 100” for VH-1, created ground-breaking marketing partnerships with brands such as Verizon and Anheuser-Busch both online and in print. He also appeared extensively on broadcast television as an industry expert on men.

Prior to joining Maxim, Jellinek was Stuff magazine’s Editor-in-Chief of all editorial operations, responsible for leading the editorial staff, and securing cover-talent by establishing and maintaining strong relationships with film studios, record, labels, and TV networks. Previously, Jellinek was the Editor-in-Chief of Complex magazine and held several positions at FHM magazine where he was a member of the U.S. launch team, as well as a writer, covering feature, human-interest, and cover stories. He began his career in publishing at Details magazine as an editorial assistant.

Jellinek graduated from Colorado College earning a B.A in history. He resides in Brooklyn with his wife and daughter.