By Chelsey Dulaney
Music-video company Vevo LLC said Monday that Chief Executive
Rio Caraeff will leave the company at the end of the year to pursue
other opportunities.
Vevo said it has hired an executive search firm to find Mr.
Caraeff's replacement. Chief Finance Officer Alan Price will step
into the role in the interim.
Vevo is jointly owned by Universal Music Group, Sony Music
Entertainment, Abu Dhabi Media Co. and Google Inc. Launched in
2009, Vevo gets more than 8 billion monthly views and has a library
of 100,000 HD music videos. The company has invested more than half
a billion dollars in music video programming through royalties paid
to rights owners, artists and songwriters.
Last year, Vevo signed deals with Apple Inc. and Samsung
Electronics Co. to deliver on-demand music videos--plus a new
channel of original, 24-hour-a-day programming--via Apple TV
set-top boxes and Samsung television sets. The move to migrate
Vevo's content from YouTube to television was part of Vevo's
strategy to surmount its biggest challenge: getting fans to watch
its videos and original content though the sites and apps it owns,
not through YouTube.
Earlier this year, Vevo's owners pledged continued support for
the company and its growth initiatives. In April, Vevo struck a
deal with Yahoo to bring thousands of its music videos, live
concert events and other original music programming to video
channel Yahoo Screen.
Write to Chelsey Dulaney at chelsey.dulaney@wsj.com
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