Yahoo Finance Hollywood actors flock to Cameo to make money amid strikes as job losses mount
As the Hollywood strikes drag on, more celebrities are turning to the video-sharing platform Cameo as a way to make money.
According to Cameo, over 2,500 celebrities have joined or reactivated their accounts since the actors' strike first began on July 14. That's a 180% month-to-date increase from where the platform would have been pre-strike, the company said.
"It's really the best time that we've had from a talent onboarding perspective since COVID when every production was shut down," Cameo CEO Steven Galanis told Yahoo Finance Live in an interview on Thursday.
The writers' strike is about to enter its fifth month while the actors' strike heads for month two on the picket lines.
There's currently no end in sight for the dual work stoppage after studio negotiations hit a stalemate last week. At that time, the Writers Guild of America (WGA) slammed the studios' counterproposal, complaining it didn't come close to satisfying writers' demands. Talks have not resumed.
'A public utility in Hollywood'
Cameo and the actors' union, SAG-AFTRA, already established a strong relationship heading into the work stoppage after the two entities struck a first-of-its-kind partnership through Cameo for Business, a digital platform where advertisers can access and engage talent to create promotional content for their brand.
The partnership allows the earnings made through Cameo for Business to accrue toward talent's pension and healthcare benefits.
"86% of SAG-AFTRA members did not qualify last year to meet the $26,500 threshold to make them eligible for their healthcare that they get through SAG," Galanis explained. "This has been a big problem. SAG has long been looking for other ways to give their members qualified earnings."
The executive added the move is a "big godsend" amid the strikes, which prevent actors from attending conventions like Comic Con and other events or interviews that promote studio-contracted work.
"This has been really huge for them to be able to come back to the Cameo platform, engage with their fans, and earn a living," he said.
When asked if he's concerned more high-profile names, like SAG-AFTRA president and actress Fran Drescher, will drop from the platform once the strikes end, Galanis said that's just par for the course as the platform typically surges during major events like the pandemic or even natural disasters like the Maui wildfires.
"This is business as usual for us," he said. "Cameo has really become like a public utility in Hollywood. We're there in the good times. We're there in the bad times."
The surge in Cameo users comes as the Hollywood strikes registered a hit to the jobs report for the first time last month.
According to data released by the Bureau of Labor Statistics Friday morning, employment in motion picture and sound recording industries decreased by 17,000, "reflecting strike activity."
Kevin Klowden, chief global strategist at the Milken Institute, warned the "double whammy" work stoppage will soon cost the national economy $5 billion-plus, primarily driven by lost wages.
Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on Twitter @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.
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