Cameo layoff 87 Staff members as they cut Costs and Restructure

Cameo, a platform that allows fans to buy personalised video calls from celebrities, has laid off 87 staff members as the company tries to restructure its balance sheet and cash reserves.  

In a tweet post, the company CEO Steven Galanis said, “Today has been a brutal day at the office. I made the painful decision to let go of 87 beloved members of the Cameo Fame,” 

“If you’re looking to hire hungry, humble, smart, kind, curious, learning machines who love to win and you see Cameo on their resume, look no further,” said Galanis. 

The company spokesperson in a statement said, “To support both fan and talent demand during the pandemic lockdowns, Cameo’s headcount exploded from just over 100 to nearly 400. We hired a lot of people quickly, and market conditions have rapidly changed since then. Accordingly, we have right-sized the business to best reflect the new realities.”

“The decision to reduce our headcount was a painful but necessary course correction to ensure that we regain focus as well as achieve the agility to navigate new challenges, the ability to optimise our financial resources, and time and space to nurture newer business segments like Cameo for Business, Represent and web3 that we believe will be as big as the core business that put us on the map.”

“We are bullish on the intermediate and long-term future of Cameo, and the actions we have taken to balance our costs with our cash reserves will best position the company to take full advantage of those growth opportunities,” adds the company spokesperson.  

The company’s chief executive officer said they left with no choice but to let go of the staff members to save the company from total collapse. 

Please follow and like us:

Leave a Reply

Your email address will not be published.

Social Share Buttons and Icons powered by Ultimatelysocial