Last night, Rio Caraeff, who has run the Vevo music video service since its creation in 2009, announced his departure. Re/code ran the full story that was pushed ahead due to a leak that ran in the New York Post.
Vevo has yet to turn a profit, but it is very big: It’s now generating 8 billion views a month, with the bulk of those occurring on YouTube. How will this play out with introduction of YouTube Key? It will certainly be interesting to watch as this story unfolds. But in the meantime, read Rio’s direct announcement to his team here: Vevo CEO Rio Caraeff Leaves Memo | Re/code.