End of an era: Best Buy to stop selling CDs this summer due to sales decline
Target may be next.
As we’ve seen the past several years, music and how we consume it is evolving at rapid rates.
According to a new report, Best Buy has informed music suppliers that they will be pulling CDs from its shelves starting on July 1.
As many fans can recall, Best Buy was once the go-to destination for buying new music. However, due to streaming and digital platforms, the sales of physical format have declined significantly.
As reported by Billboard, Best Buy is planning to carry vinyl for the next two years in order to keep its commitment to vendors.
Additionally, Target may be the next retailer to follow suit, reportedly asking suppliers to be sold CDs on a consignment basis in order to not be held responsible for unsold CD inventory. Currently Target has to pay for any goods it is shipped within 60 days and then must ship back unsold CDs for credit.
As reported, Target currently carries less than 100 titles in most stores, a number that used to be as high as 800. Target is currently awaiting a response from major music suppliers, one that will determine the future of how many CDs, if any, customers will see on the shelves.
Overall, CD sales have reportedly dropped by a sizable 18.5 percent in the past year alone, making these moves not all too surprising.