Wednesday, February 21, 2024
HomeTECHCameo announces additional redundancies as the celebrity greeting card market contracts.

Cameo announces additional redundancies as the celebrity greeting card market contracts.

The website for ordering video greetings from celebrities, Cameo, is reducing its workforce once more.

The Chicago startup, whose valuation exceeded $1 billion in 2021, plans to lay off 80 employees. When contacted by TechCrunch, Cameo CEO Steven Galanis verified the company’s decision to “reduce the size of our team,” but he did not disclose the number of positions that would be eliminated. The Information was the first to break the news.

Read also: A U.K. trade association chastises Novartis for its Entresto marketing.

According to reports, the change leaves Cameo with fewer than 50 employees, a significant decrease from “nearly 400” employees, as Galanis claimed, when business was booming.

In May 2022, Cameo terminated 87 employees. Galanis stated at the time that Cameo had “quickly hired a large number of people” to “support both fan and talent demand during the pandemic lockdowns. ” The market then “rapidly changed,” Galanis explained.

The chief executive officer referred to this decision as a course correction so that the company could “regain focus and achieve the agility to navigate new challenges, such as web3.” Web3 has since fallen short of expectations.

Today, Galanis referenced the prior layoffs in his statement. “We believed that our business was appropriately sized after our last reduction, but as economic conditions continue to dampen growth, Cameo will sharpen its focus with a more streamlined team,” said the executive.

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