Cameo, the website known for offering video greetings from celebrities, is facing another round of layoffs. The Chicago-based startup, once valued at over $1 billion, plans to lay off 80 workers.

This downsizing comes after a previous layoff of 87 employees in May 2022. According to CEO Steven Galanis, these moves are necessary due to changing economic conditions, as the celebrity greeting market has shrunk. The company’s workforce will now be reduced to less than 50 employees, a significant drop from its peak of nearly 400.

Galanis explained that the previous layoffs were made to refocus the company’s efforts and adapt to challenges, such as the rise of web3 technology. Unfortunately, web3 failed to meet expectations, leading to continued economic challenges. Cameo is now seeking to streamline its operations and maintain focus in the face of slower growth. As the market evolves, the company is adjusting its strategies to remain agile and competitive.

Overall, these changes reflect the tough realities of the celebrity greeting industry, and Cameo is working to navigate these challenges and sustain its position in the market.

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