Magazine executives admitted that Playboy - which was founded in 1953 - had been overtaken by the changes it pioneered, according to the New York Times.
"That battle has been fought and won," Playboy chief executive Scott Flanders is quoted as saying by the newspaper.
"You're now one click away from every sex act imaginable for free. And so it's just passe at this juncture."
Gone, too, are the days when interviews with figures of the stature of Martin Luther King Jr, Malcolm X and Jimmy Carter made Playboy so culturally and politically significant, says the BBC's Nick Bryant in New York.
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