Cameo makes its first acquisition
Cameo on Monday said it is acquiring Represent, a marketing and merchandising platform that connects fans to celebrities and influencers.
Why it matters: The acquisition introduces a new revenue stream to Cameo, which was founded in 2017 and is now is valued at over $1 billion.
Catch up quick: Cameo is an app that lets fans pay for personalized videos from celebrities. The company expects to bring in more than $200 million in revenue this year, co-founder and CEO Steve Galanis told "Axios on HBO" earlier this year.
Details: The acquisition will give Cameo celebrities a new option to sell merchandise to hyper-loyal fans, as well as fundraise for various charities and non-profit organizations.
- The company said that while fans won’t see a change immediately, it plans to eventually offer merchandise directly through it’s site and app.
- It is brainstorming ways to bundle purchases, like Cameo videos with merchandise.
- Leaders at Represent will join Cameo's growing executive team. Represent's COO Daniel Rosenberg will become president of Represent and will continue leading the day-to-day operations of the group and Represent's CMO Bobby Maylack has been named Chief Creative Officer at Cameo.
- Cameo said it will continue work with CustomInk, Represent's former parent company, "to handle production, fulfillment, and logistics."
- Other terms of the deal were not disclosed.
What they're saying: "This acquisition brings us another step closer to realizing our mission & vision and expands Cameo’s market leadership in direct to fan monetization," Galanis said in a statement.