The company responsible for for giving your favorite D tier famous person a financial lifeline reportedly fired a after part of its staff .
The renown greeting service reportedly laid off 87 workers this week , which amounts to around 25 % of its full staff , harmonise toone employee speaking with The Information . That bad news show , the employee pronounce , came during a Wednesday all - handwriting coming together . Cameo CEO and co - founder Steven Galanis confirmed the layoffs in a statement beam to Gizmodo Thursday .
“ The conclusion to reduce our headcount was a painful but necessary course fudge factor to check that we regain focal point as well as reach the legerity to navigate new challenges , ” Galanis sound out .
Photo: Anna Webber (Getty Images)
That course of study chastisement comes after Cameo went on a bit of ahiring spreeto meet increased demand for the platform during the pandemic . Galanis said Cameo increased its stave by quadruplex during the pandemic , swelling from 100 to 400 worker . At one point in sentence , the now five - year - older company achieved avaluationof over $ 1 billon . Those short - terminal figure gain were intend to come crashing back down .
“ We hired a lot of people quickly , and market weather have rapidly change since then . ” Galanis order . “ consequently , we have right - sized the business to best think over the new realities . ”
Cameoreportedlylaid off several senior executive , include chief engineering officeholder Rob Post , Chief Product Officer Nundu Janakiram , and fourth-year Vice President of Marketing Emily Boschwitz .
The layoffs mark off a sudden fall from grace for the company which some said was “ made for the coronavirus . ”
For those who have n’t used the overhaul , Cameo essentially lets users make up to quest personalized greeting from athletes , celebrities , musicians , and influencers . That round-eyed premise provided a much - needed author of income for springy performers who were suddenly forced out of study for calendar month due to lockdown orders . Since its founding , Cameo has attracted a broad range of celebrities , ranging fromSnoop DogandCaitlyn JennertoDonald Trump Jr.
Bored viewers stuck at home were more than willing to dish out some cash to see their favored star wish them happy birthday . According to Variety , Cameogenerated$100 million in revenue in 2020 which comes out to 4.5 times more revenue than it made the old year . That same year the company reportedly sold 1.3 million videos and added 10,000 new creators , Axiosnotes . Last yr , Cameoreportedlyraised $ 100 million from investors admit Amazon and Google .
Looking forrard , Galanis pronounce he ’s “ bullish ” on Cameo ’s intermediate and retentive - term hereafter , say the recent layoffs will grant the company to pour more imagination into other diminished segments like Cameo for Business , Represent and web3 .
“ The activity we have taken to balance our cost with our cash reserves will well position the company to take full advantage of those growth opportunities , ” the CEO said .
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