Gia Butt | Nov 28, 2023 | 0
Celebrity greeting platform Cameo announces massive layoffs
Cameo, the digital platform allowing fans to purchase personalized video greetings from celebrities, is again downsizing. The startup, based in Chicago, was valued at over $1 billion in 2021. Cameo is currently facing a significant workforce downsizing crisis.
CEO Steven Galanis confirmed the latest news of an employee downsizing effort, although he refrained from revealing the exact number of jobs that would be axed. This decision marks the second major layoff by the company, which had previously downsized by 87 workers in May 2022. At its peak, Cameo’s workforce numbered nearly 400. Following this recent layoff, it’s reported that the firm will be left with fewer than 50 employees.
Galanis explains the layoffs as correcting the company’s response to changing market conditions. During pandemic lockdowns, the firm expanded rapidly to meet fan and talent demands, but the need for a large workforce has decreased.
Cameo’s workforce’s rapid growth and subsequent decline indicate the platform’s rise and fall during and after the pandemic. Despite a revenue surge in 2020, the company is forced to make significant changes as the market shifts. The latest layoffs might signal the end of a boom period for Cameo or the beginning of a new, leaner operational model. Only time will tell which direction this tech startup will take next.