Though global CD sales remain fairly strong, the CD market was down 18.5% in the USA past year and Billboard's sources indicate that CD sales only make about $40 million annually for Best Buy. With the help of retail giants like Best Buy and Target, CD sales were exploding.
Best Buy isn't the only retailer looking to change their CD market, as Target is also looking to begin steps to reorganize their sale structure for music as well as blu-ray and DVDs. Evidently, the retailer is now demanding that music suppliers agree to buy back any CDs that aren't sold within a 60 days. Vinyl will be merchandised alongside turntables, Billboard's sources suggest. The move comes as CD sales continue to decline; revenue from digital music downloads eclipsed it back in 2014. That specific medium for music has seen a boost lately.
Late previous year, Target apparently gave both music and video suppliers an ultimatum that it wants to switch to scanned-based trading by April 1st or May 1st. Although CDs remain a relatively popular format worldwide, sales in the USA dropped more than 18% a year ago, prompting Best Buy to drop the format entirely. One music manufacturer is leaning toward saying no to this deal, according to Billboard.
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Target used to carry more than 800 CD titles, but seems to have reduced its stock to less than 100 titles.
Despite the news, Target claims it's still going to be committed to entertainment software. Rather than buying individual CDs, users can stream a wide variety of music on demand for the price of just a few physical CDs. "We have nothing more to share at this time".