Cameo, the startup behind the video app that lets you pay celebrities for short personalized greetings, is in trouble. It has laid off a significant chunk of its workers. The company has laid off a total of 87 employees, according to Cameo CEO Steven Galanis. This number includes top executives like the CTO and CPO, and it accounts for about 25 percent of the company’s employees. Or one quarter of them to put it another way. That is a pretty big deal.
“I made the painful decision to let go of 87 beloved members of the Cameo Fameo,” Galanis said on Twitter. He apparently told employees that the company had hired too quickly and fallen short of revenue expectations. The startup has raised $165 million and was valued at $1 billion just last spring.
Galanis called it a “brutal day at the office.” And that does seem appropriate for such a bad turn of events. It is very brutal indeed. In recent months, Galanis has expanded Cameo’s purview from celebrity and creator videos to NFTs. Also not great is that news of the layoffs also comes one day after the company announced a new partnership with Snap to power a new advertising product for Snapchat.
Image Credit Cameo