Best Buy will stop carrying CDs this year, report says

Best Buy Pulling CDs From Shelves Target Shakes Things Up With New Policy Matthew Meadow

According to Billboard, Best Buy's U.S. CD sales generally average about $40 million per year, though the sales of the format were down 18.5% last year in the United States. The retailer has apparently told suppliers that they want to sell CDs on a consignment basis, where they only have to pay labels for CDs that are actually purchased by customers.

Best Buy recently announced that it will be pulling CDs from its stores due to an overwhelming drop in sales. It's issued an ultimatum to music suppliers which will force them to take on all inventory risks for unsold discs. In addition, Target is also said to be reevaluating its approach to CD sales. Spotify is the top streaming music service globally and still boasts the most paid subscribers in the United States, though Apple Music is on pace to leapfrog Spotify in the USA by this summer. Best Buy will merchandise vinyl with turntables, or record players if you prefer the old school term. This year we will likely see the death of another famous music format. For example, a year ago Target moved 500,000 copies of Taylor Swift's latest, Reputation. One music manufacturer is leaning towards saying no to this deal, according to Billboard.

Indian shares edge lower for 2nd day ahead of budget
By 12:40, seconds after the Finance Minister uttered Long Term Capital Gains Tax in the Parliament, the enthusiasm was skittled. Both the indices ended 2.7 per cent down for the week, which is their biggest weekly percentage drop since August 2017.

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

"Streaming is the fastest growing source of music and video content and particularly with younger consumers, who we've found time and time again prefer streaming and subscription services over traditional forms like CDs", Ford marketing manager Michael O'Brien told Glinton.

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