US Retailers Reportedly Looking To Phase Out CD Sales

Best Buy to stop selling CDs by July 1

Best Buy used to be a place where you could walk down the aisles and browse through thousands of CDs and DVDs.

The company will stop selling CDs in stores on July 1, according to Billboard. The vinyl will be merchandised with the turntables, sources state. Target could also make a similar move as consumers gravitate toward music streaming services like Spotify and Apple Music. It's issued an ultimatum to music suppliers which will force them to take on all inventory risks for unsold discs.

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The once commonplace digital music format is getting hammered in the U.S.

The same sources suggest that Target, which has also reduced its CD intake recently, is demanding to music supplies that they sell them on a consignment basis. This year we will likely see the death of another famous music format. This way, Target would only have to pay for items that have actually sold.

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At its height Target carried upwards of 800 music titles but has whittled that down to less than 100 in most locations, the magazine reported. The deadline for music suppliers has been pushed to April or May, but Billboard points out that if major labels don't play ball, it could vastly hasten the decline of traditional CD sales. 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.

"Entertainment has been and continues to be an important part of Target's brand". Apparently those numbers just aren't enough to justify the price of stock and the shelf space needed to keep CDs in stores.

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