Here’s some bad news for fans who still like picking up physical copies of albums. Come July 1st, Best Buy will not sell anymore CDs, Billboard reports.
This news follows a steady decrease in revenue for the store and its peers due to people buying music less and less in general and the rapid rise of streaming in the past few years. Sources suggest that CDs only make the company approximately $40 million annually. Best Buys around the country will continue to offer vinyls for the time being as sales for records have been on the rise past 3-4 years.
It has also been reported that Target will follow suit and refrain from selling CDs in the near future if their consignment offer is not met. In layman’s terms, Target are currently made to pay for any goods shipped and not sold within 60 days of labels sending them out. Consignment would mean that labels take that risk now.
Perhaps this is the beginning of the end for CDs. Stay tuned for more updates.