Best Buy clearing out CDs from their stores

Best Buy clearing out CDs from their stores

Best Buy has told music suppliers that it will pull all CDs from its stores this summer, according to a report from Billboard. With that said, the company does plan to continue to sell vinyl for the next two years to complement its inventory of turntables. According to the publication, the company's CD sales are only generating a paltry $40 million annually. Under the proposed new system, however, Target would only have to pay for CDs after they have been scanned at the register and sold to customers, placing all of the risk on the music suppliers. It was once a dominant force in the sale of CDs but now its offering pales in comparison due to the lack of interest from the general public. Any unsold merchandise is shipped back to the labels, again at the store's expense. A report from Billboard showed that CD sales drop 18.5 percent previous year as more consumers turn to digital downloads and streaming services such as Spotify and Pandora. That specific medium for music has seen a boost lately.

You only have a few more months to purchase CDs at Best Buy. This way, Target would only have to pay for items that have actually sold. The deadline for music suppliers has been pushed to April or May, but Billboard points out that if major labels don't play ball, it could vastly hasten the decline of traditional CD sales.

Schmick: Health care and the three musketeers
Some benefits insiders, however, express doubts that the three behemoths will spur a widespread industry disruption. The partners formed this new initiative in response to the constantly-rising healthcare costs in the United States.

Target told labels that it no longer wants to take inventory risk on the sales of music and video past year. We are committed to working closely with our partners to bring the latest movies and music titles, along with exclusive content, to our guests.

Let's be honest here when was the last time you bought a music CD?

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