End of an era: Best Buy to stop selling CDs

End of an era: Best Buy to stop selling CDs

End of an era: Best Buy to stop selling CDs

CD sales were down 18.5% past year and some experts pin Best Buy's CD receipts to just $40 million annually. Best Buy has reportedly agreed to continue to sell vinyl for at least the next two years, in part because of a partnership with turntable manufacturers. Evidently, the retailer is now demanding that music suppliers agree to buy back any CDs that aren't sold within a 60 days. Target is pushing vendors to switch to scan-based trading terms, which means the chain would pay for the CDs or DVDs after they are sold or rung up at the register. Under the plan, Target would only pay for the discs when they are purchased, rather than upon receiving them.

Revenue from digital music downloads surpassed CDs in 2014, and CD revenue has continued to decline. This year we will likely see the death of another famous music format. "With consignment, the inventory risk shifts back to the labels", says Billboard's sources.

Elsewhere in United States music retail news, there are reports that retailer Target is seeking to change its deals with the labels, so to shift more risk back to the record industry.

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Target used to carry more than 800 CD titles, but seems to have reduced its stock to less than 100 titles.

While Best Buy has said they're just going to drop CDs cold turkey, Target is taking a slightly different approach. Music lovers can still order CDs online, buy them at other major retailers, such as Walmart, or at some of local record shops. As downloadable and streaming audio become more popular, it was only a matter of time before stores stopped providing shelf space for the lowly Compact Disc.

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