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.
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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.
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