Cameo is emerging as one of the stars of the creators’ economy during the pandemic, with an estimate of more than $ 1 billion last year and more than tripled its workforce before the pandemic. Its cuts – which we announced earlier on Wednesday – could be a harbinger of what lies ahead for start-ups in the creators’ economy.
At a general meeting earlier today, Stephen Galanis, chief executive and co-founder of the Chicago-based startup, told employees that the company was laying off more than 80 employees, about a quarter of its workforce, according to one employee. Job cuts include several C-Suite executives, including chief technology officer Rob Post and Chief Product Officer Nundu Janakiramaccording to a source who heard everyone’s meeting.
Galanis said the cuts were needed to “balance our spending with our cash reserves”.