Best Buy will stop selling CDs at all stores

Best Buy will stop selling CDs at all stores

You know those CDs you no longer buy? With so many different streaming and download options when it comes to music, we asked locals about their thoughts on CDs slowly becoming extinct. That specific medium for music has seen a boost lately.

Sources told that Best Buy will stop selling CDs at its stores on July 1 of this year.

The CD took vinyl's place in the '80s as the go-to format for storing music.

Let's be honest here when was the last time you bought a music CD? CD sales were down 18.5 percent past year and some experts pin Best Buy's CD receipts to just $40 million annually.

However, Best Buy will continue to carry vinyl. Billboard reports CD sales only amount for about $40 million annually throughout the entire company, a paltry sum compared to what the chain used to make.

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The decline of CD sales isn't exactly a shocker when compared to the performance of streaming. Convenience using streaming services has made consumers flock to those services.

As for the industry, the most recent by the International Federation of the Phonographic Industry observed a 7.6 percent decrease in physical revenue and a 17.7 percent increase in digital revenue, both globally, in 2016. Target then pays to ship back CDs that weren't sold for credit. Under such a scenario, the label would be required to purchase back any unsold inventory.

Late a year ago, Target apparently gave both music and video suppliers an ultimatum that it wants to switch to scanned-based trading by April 1st or May 1st.

"Target has demanded to music suppliers that it wants to be sold on what amounts to a consignment basis". This way, Target would only have to pay for items that have actually sold.

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