Best Buy Will No Longer Sell Physical CDs Starting In July
After Best Buy stops selling CDs, Target is also eying to reduce CDs at their shops around the country.
With cassette tapes making a resurgence and vinyl records dominating sales, it is a hard time for the CD to get in on the wave. In a move that signals the end of an era for the compact disc, Best Buy has announced that it will pull all of its CD choices from its shelves starting this July.
Sources familiar with the situation say that Best Buy is only raking in $40 million annually from CD sales, which is a sharp decline for the store once known as the most prominent music retailer in the United States. Best Buy will continue to sell select vinyl records (at least for the next two years) due to their relationships with turntable manufacturers.
In a bit of related news, Target is also looking to get out of the physical music game. A “significant reduction” of the retailer’s CD count is coming as Target is reportedly pushing for a consignment based on a sales platform. This means that Target only wants to pay for the CDs that sell.
None of the major labels have yet agreed on the new “scan-based terms, while suppliers were given a target deadline of either April or May 1. Whether the parties agree to this or not, it is evident that we’re about to say goodbye to the compact disc as we know it.