Cameo, a website for ordering video greetings from celebrities, is downsizing again.
The Chicago startup, which was valued at more than $1 billion in 2021, intends to lay off 80 workers. Reached by TechCrunch, CEO Steven Galanis confirmed that Cameo decided to “reduce the size of our team,” but the executive did not acknowledge the number of jobs the firm would eliminate. The Information first reported the news.
The move reportedly leaves Cameo with fewer than 50 employees — a major shift from the “nearly 400” staffers Galanis said the firm had back when business was really booming.
In May 2022, Cameo laid off 87 workers. At the time, Galanis said in a statement that Cameo had “hired a lot of people quickly” so it could “support both fan and talent demand during the pandemic lockdowns.” Then the market “rapidly changed,” Galanis added.
The CEO called that decision a course correction so the firm could “regain focus as well as achieve the agility to navigate new challenges,” such as web3. Web3 has since failed to live up to the hype.
In his statement today, Galanis referenced the earlier layoffs. “We believed we right-sized our business with our last reduction but as the economic conditions continue to slow growth, Cameo will sharpen its focus with a more streamlined team,” the executive said.
Source : Cameo announces more layoffs as celebrity greeting market shrinks
