Best Buy to stop selling CDs

07 February, 2018, 01:45 | Author: Lora Ball
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The company will stop selling CDs in stores on July 1, according to Billboard. According to the publication, the company's CD sales are only generating a paltry $40 million annually.

The speculation is also lumping DVDs into the mix, as Target was also negotiating their terms of payment to DVD distributing (i.e. paying for them only when they are scanned at the register, VS buying a supply and returning them).

At the same time, Target has demanded that suppliers take on the inventory risk on sales of CDs. But that report also found that CD sales fell about 4 percent over the previous year, and added that CDs "may not fade away anytime soon".

The consumer electronics chain was once a significant seller of CDs in the United States market, and only increased in importance as the number of specialist music retailers started to decline in the 2000s.

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Digital music sales and streaming have made the venerable music CD very close to obsolete for some consumers. This year we will likely see the death of another famous music format.

Target told labels that it no longer wants to take inventory risk on the sales of music and video a year ago. Currently, Target buys CDs in bulk, putting it at a disadvantage if a title fails to sell. For example, a year ago Target moved 500,000 copies of Taylor Swift's latest, Reputation. Revenues from services providing streaming music represent 62% of the entire market for first six months of 2017, shows new numbers just released by the music industry's trade group RIAA.

"Entertainment has been and continues to be an important part of Target's brand".



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