Oakland, California-based Callisto Media, an independent non-fiction press that exploits data mining of consumers to generate marketable content, has announced another round of layoffs in addition to temporarily closing the company's physical offices in both New York and in Emeryville, Calif.
In this second round of layoffs following the dismissal of 35% of its workforce, estimated at 140 employees in July 2022, the company is laying off an estimated 200 additional employees.
The decision is driven by difficult economic conditions, rising interest rates, and the difficulty in raising venture capital or finding outside investors.
According to CEO and co-founder Benjamin Wayne, “Callisto, due to the strength of its annuity and its economic model, has the ability to become profitable, and we have the support of our existing investors to provide a very small amount of cash to bridge to that profitability. But it requires that we take swift and decisive action to restructure our costs and our cash flow as an organization.”
Its business model is not unique as they harvest data from the internet, re-writes the content using staff and ghostwriters into an attention-getting keyword-laden digital book with an attractive cover, and markets it to generate a revenue stream. In essence, they have created an assembly line for what has been primarily a mom-and-pop business filled with grifters.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
