Best Buy was realizing $40 million annually in CD sales, a sharp decline from what was once a billion dollar business for the retailer, according to SPIN.
In an interesting twist, the store committed to carrying records for the next two years. The vinyl will be merchandised with the turntables, sources state. Target is also wanting to do the same for DVDs.
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Billboard says if the suppliers don't agree, they may phase down the selling of CDs.
In 2011, 331 million CDs, CSs, LPs and digital albums were sold in the U.S. That figure almost halved by 2017, when sales were at 167 million according to data from Statista. As it stands, Target pays music suppliers within 60 days of receiving inventory, and then pays to ship back unsold CDs for credit. This year we will likely see the death of another famous music format.
Apparently Target wants to shift to a consignment sales model. Under the plan, Target would only pay for the discs when they are purchased, rather than upon receiving them. Though Target only stocks 100 titles at any given time, it's still responsible for a sizable chunk of sales. The deadline for that ultimatum would be either April 1 or May 1 for music suppliers, according to Billboard's sources. For example, past year Target moved 500,000 copies of Taylor Swift's latest, Reputation. Music lovers can still order CDs online, buy them at other major retailers, such as Walmart, or at some of local record shops.