Customers spent $100 million last year buying bespoke video shout outs from their favorite public figures from Cameo as coronavirus lockdowns kept people at home and looking for new forms of entertainment, Cameo CEO Steven Galanis told The Information in an interview Tuesday, and he’s looking to raise more venture capital to expand.
Galanis told The Information Cameo counted 4.5 times more gross bookings in 2020 compared to the previous year.
Cameo takes a 25% cut of each sale as a commission fee, which would add up to $25 million in revenue last year.
The platform first detected increased demand in March after the U.S. implemented coronavirus lockdowns, Galanis told Refinery29.
“Looking back at it, obviously we weren’t expecting to enter a world of social distancing, but in many ways this is kind of the perfect product for an era where every meet and greet, fan convention, and Comic-Con is cancelled,” Galanis told Refinery29 in April. “This is a way for the talent to have a Comic-Con in the palm of their hands.”
Cameo has some unlikely figures shelling out shout outs. Some of Cameo’s noteworthy users include Stormy Daniels, an adult film actress who alleges she had an affair with President Donald Trump, former Alaska Governor Sarah Palin, Trump’s former personal attorney Michael Cohen and even Vincente Fox, a former Mexican president.
Cameo first launched in 2017 and has steadily grown in the years since. Cameo CFO Jackson Jhin told Forbes last year the company brought in a six-figure sum of revenue in 2017, seven figures in 2018, and eight figures in 2019.
Cameo to Seek Funding as CEO Eyes Expansion (The Information)
post comes from: https://www.google.com/alerts/feeds/06826723516548187620/10747720445221330788
Post was first posted at: https://www.google.com/url?rct=j&sa=t&url=https://www.forbes.com/sites/carlieporterfield/2021/01/05/cameo-customers-spent-100-million-on-celebrity-shout-outs-in-2020-ceo-says/&ct=ga&cd=CAIyHDA1OTI4ZmFhZTEzZjQwNjU6Y29tOmVuOlVTOlI&usg=AFQjCNHIg8AvTB9xlEFcNOD2Vw828UxwLg