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Best Buy to stop selling CDs in stores as sales plummet

Best Buy to stop selling CDs in stores as sales plummet

This year we will likely see the death of another famous music format.

Per recentreports, Best Buy stores plan to stop selling CDs altogether by July. The vinyl format has been enjoying a resurgence lately. With a growth rate of 5 percent to Spotify's 2 percent, Fortune predicts Apple's streaming platform could overtake Spotify as the No. 1 streaming service in the U.S. On a global scale, Spotify's subscriber base is nearly twice as that of Apple Music's.

Best Buy announced that it will continue to sell vinyl albums, which were up 3 percent overall, according to the RIAA. Target is also wanting to do the same for DVDs. The Compact Disc medium for digital audio recordings has been around since 1982, and in widespread use for numerous following years. Convenience using streaming services has made consumers flock to those services.

Physical media sales are solid worldwide, but dipped 18.5 percent domestically in 2017. Target wants to change the way that it pays suppliers for its CD inventory. Target is now taking the inventory risk by paying for any goods it's shipped within 60 days, but must pay to ship back unsold CDs for credit.

Target, meanwhile, appears on the cusp of backing out. As it stands, Target pays music suppliers within 60 days of receiving inventory, and then pays to ship back unsold CDs for credit.

Late previous year, Target apparently gave both music and video suppliers an ultimatum that it wants to switch to scanned-based trading by April 1st or May 1st. A deadline is set for April or May of this year, and if an agreement is not met, Target could be the next to pull CDs completely from its stores.


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