Best Buy removing CDs this July, keeping vinyl records

Best Buy CDs Going Away as Streaming Surges and Vinyl Makes a Comeback

CD sales were down 18.5% a year ago and some experts pin Best Buy's CD receipts to just $40 million annually. The electronics retailer plans to end its music CD sales this summer, according to sources, and it's not the only retailer considering this move. It's issued an ultimatum to music suppliers which will force them to take on all inventory risks for unsold discs.

According to newly released numbers from the RIAA, revenue from streaming services accounted for a whopping 62 percent of the total market for the first half of past year, while physical sales, which are comprised of CDs and vinyl albums, made up just 16 percent of revenue. Soon enough, Best Buy will cease selling CDs altogether, while Target will ask the record labels to front the costs.

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Target is also considering pulling the format from its shelves, though are bargaining with labels over the decision. Using that method, the suppliers would get paid when CDs and DVDs are sold to customers. Though Target only stocks 100 titles at any given time, it's still responsible for a sizable chunk of sales. And they're not necessarily willing to cooperate - at least one major music label is "leaning no", Billboard said, while two others have yet to make a call. 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.

The spokesperson continued by saying the company was evaluating its operating model reflecting its continued investment in its Entertainment business.

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