Cameo, the company that allows you to pay a celebrity to record a personalized message or engage in a video chat with you, has announced that it is laying off 87 people or about a quarter of its staff. According to The information. According to the report, employees received the news at a general meeting on Wednesday.

Co-founder and CEO Stephen Galanis says the cuts are a “course adjustment” after Cameo grew significantly during the pandemic. The company grew “from just over 100 to nearly 400” employees during the blockade, according to Galanis statement to Diversity. Since then, he says, “market conditions have changed rapidly.” In early 2021 Diversity announced this The company’s revenue was 4.5 times higher in 2020 than in 2019. Galanis told the publication that the success is partly because so many actors turned to the platform after other projects were stopped, and predicted that they will remain.

This forecast does not seem to have been fully justified, given that the company is now shrinking its workforce by a significant amount.

The tweet announcing the redundancies of Cameo’s CEO.

On Twitter, Galanis asked other companies to hire Cameo Fameo members who had been fired. Although it’s a good mood, the tone is … awkward to say the least. Executives say that their company is like a family, and then the release of a large number of employees, unfortunately, is nothing new and it is almost always inconvenient to see how corporate culture faces the realities of capitalism. But using a sweet name for your workers in the context of publicly announcing layoffs is unlikely to soften that blow.

(Also: I understand that CEOs are likely to face emotional damage when they let people go – they have disappointed people who make a living from their care. But they may not call it ” a brutal day in the office “, given that it was probably much worse for people who are actually losing their jobs.)

Galanis, however, is not necessarily known for his tact; in March he reportedly said that Web3 was like America’s colonization of Europe, making an analogy for the Manhattan Island bead trade. Apparently this was meant to make Web3 look good. In his statement to Diversity Regarding layoffs, Galanis said he wanted to make sure the company had “time and space to feed newer business segments such as Cameo for Business, Represent and web3”. The company on Tuesday announced its latest venture Cameo for Business; a partnership with Snap, Inc., where advertisers will be able to hire Cameo artists to appear in Snapchat ads.



https://www.theverge.com/2022/5/4/23057796/cameo-layoffs-ceo-pandemic-growth-fameo

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