Business

Best Buy will cease selling CDs later this year

Best Buy will cease selling CDs later this year

Best Buy has made a decision to stop selling CDs this summer. Though global CD sales remain fairly strong, the CD market was down 18.5% in the U.S. previous year and Billboard's sources indicate that CD sales only make about $40 million annually for Best Buy. Vinyls will be marketed with turntables in stores. Target could also make a similar move as consumers gravitate toward music streaming services like Spotify and Apple Music. Currently, Target must pay net 60 with unsold product returned for credit.

CD sales were down 18.5 percent past year as more people get their music digitally or from streaming services such as Spotify and Apple Music. Music labels are apparently waiting to see how DVD manufacturers react. Target is asking music suppliers to be compensated per CD sales instead of buying in bulk. This way, Target would only have to pay for items that have actually sold. Though Target only stocks 100 titles at any given time, it's still responsible for a sizable chunk of sales. "With consignment, the inventory risk shifts back to the labels", says Billboard's sources. For example, past year Target moved 500,000 copies of Taylor Swift's latest, Reputation.

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Despite the news, Target claims it's still going to be committed to entertainment software. Between just those two streaming services alone, there are over 100 million paid subscribers around the world, each one getting their music from the cloud. Perhaps in the future a new generation of audiophiles will reignite interest in CDs and we'll have CD Store Day.


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