Given how much more convenient digital purchases are (you can buy and listen/watch it right away), it's not surprising that more people are turning to digital versus purchasing physical copies or their music and movies, and it looks like retailers are picking up on that. So with Best Buy phasing out CDs in 2018, how much longer will we see Blu-rays in-store?
As physical music sales continue to fall as digital and streaming media gain more popularity, the Billboard story also says that Minneapolis-based Target is now demanding that music suppliers provide CDs to it on consignment so it doesn't take on the risk if the products don't sell.
The music industry's transition from physical products to digital streams is apparent and rapid. for 2017 found a 62 percent increase in on-demand music streaming compared to the first half of 2016. Physical sales, which are comprised of both CDs and vinyl albums, made up 16 percent of the overall revenues. 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.
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.
Target wants the record labels to take the risk by switching to a scan-based trading terms.
Target's deadline for these changes is either April or May, and music companies are on the fence about whether they're going to go along with the arrangement or not. If so, that would be a big blow to the CD format. Target is proposing more of a consignment-like deal, where labels ship merchandise to Target stores, and Target would then pay for merchandise as it is sold to customers.
Best Buy declined to comment on the report.
"Entertainment has been and continues to be an important part of Target's brand. We have nothing more to share at this time".
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