http://www.nytimes.com/2014/11/16/business/media/head-of-music-video-source-will-step-down-from-post.html 2014-11-15 23:26:46 Head of Music-Video Source Will Step Down From Post Rio Caraeff, who has led the company since its beginning in 2009, will depart at the end of the year. === The chief executive of Vevo, the online music-video platform that supplies some of the most popular material on YouTube, is leaving the company, according to a memo he sent to employees on Friday. According to the memo, A representative of Vevo did not immediately respond to a request for comment on Saturday. Vevo, whose majority owners are the Universal Music Group and Sony Music Entertainment, was created in 2009 as a way to obtain higher advertising rates for official music videos than were available through standard channels on YouTube. Vevo’s thousands of high-definition videos are accessible through its website and through apps on mobile devices and connected-TV devices like Roku. But the vast majority of the eight billion views Vevo attracts from around the world each month come through YouTube. Vevo has earned a reputation in the music industry as a growing source of income for music videos, which in the early days of the web paid little or nothing. According to estimates, Vevo had about $250 million in revenue in 2013 and could have $350 million this year. As part of Taylor Swift’s Vevo, in which Abu Dhabi Media and Google have minority investments, has attracted many potential buyers over the years. It explored a sale this year that reportedly valued the company at up to $1 billion, but it aborted that effort.