Personalized celebrity video company Cameo has laid off 25% of its workforce due to a need to balance costs.
According to a tweet from CEO Steven Galanis, 87 employees were fired.
During the early days of the pandemic, Cameo saw demand for its services explode which led it to grow its workforce from around 100 to nearly 400 employees.
“We hired a lot of people quickly, and market conditions have rapidly changed since then,” said Galanis. “Accordingly, we have right-sized the business to best reflect the new realities.”
Galanis added that reducing the company’s headcount was critical in order to “optimize our financial resources, and time and space to nurture newer business segments…”
Layoffs occurred at all levels of the company, according to information from anonymous fired employees. These included chief product officer, chief people officer, chief technology officer, and vice president of marketing.
“I know it was a really hard decision that they handled with maturity and didn’t come easily to them,” one former employee said. “Especially knowing some of our executive staff was impacted, you could tell it wasn’t something done to protect any specific group of people but rather to improve the company as a whole.”