Cameo, a startup that sells customized video shout-outs from celebrities that was valued last year at about $1 billion, has made major layoffs after a slowdown in business.
The company laid off 87 staffers, representing roughly 25% of its headcount. CEO Steven Galanis confirmed the cuts, citing the need to “right-size” the business after its fortunes reversed in the wake of a surge driven by the COVID-19 pandemic.In 2020, Cameo claimed it generated about $100 million in gross revenue -- up 4.5 times from the year prior. Evidently, its pace of sales has cooled off considerably since then.
Galanis continued, “The decision to reduce our headcount was a painful but necessary course correction to ensure that we regain focus as well as achieve the agility to navigate new challenges, the ability to optimize our financial resources, and time and space to nurture newer business segments like Cameo for Business, Represent and web3 that we believe will be as big as the core business that put us on the map.
The company sells video shout-outs from more than 45,000 celebrities . Cameo says it takes a 25% cut of sales, with the rest going to talent.
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