Celebrity Shoutout App Cameo Lays Off 87 People
(Bloomberg) -- Cameo, the app that allows fans to pay celebrities for birthday greetings and other shoutouts, said on Wednesday that it laid off nearly 90 people.
“We had to let go of 87 beloved members of the Cameo Fameo,” Chief Executive Officer Steven Galanis said in a LinkedIn post. “I'm heartbroken to see so many friends and trusted colleagues depart this week.”
In a statement, Galanis said that during the pandemic Cameo's “headcount exploded from just over 100 to nearly 400.” Since then, “market conditions have rapidly changed,” he said, “Accordingly, we have right-sized the business to best reflect the new realities.”
On Tuesday, Cameo announced a partnership with Snap Inc., building on its Cameo for Business program, which allows brands to book an advertisement from a celebrity on its platform. Earlier this year, Cameo said the business offering—where companies pay an average of $2,000 to $3,000 for a quick video ad—was its fastest-growing unit.
The layoffs were first reported by the tech news site the Information.
©2022 Bloomberg L.P.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
