Best Buy will stop selling DVDs and Blu-rays in its stores after the holidays to reflect the new ways consumers are watching movies
- Best Buy confirmed it will stop selling DVDs and Blu-ray in early 2024
- The decision followed Netflix ending its DVD-by-mail service last month
- Walmart, Amazon and Target will be the largest retailers stocking discs
Best Buy will close two iconic sections in nearly 1,000 stores nationwide and online after the 2023 holiday season.
The decision to stop selling DVDs and Blu-rays was made due to the shift in the way consumers watch movies and TV shows.
The move will leave Walmart, Amazon and Target as the largest retailers stocking DVDs and Blu-ray discs.
“To state the obvious, the way we watch movies and TV shows today is very different than it was decades ago,” a Best Buy spokesperson said in a statement to Variety on Friday.
“Making this change gives us more space and capabilities to offer customers new and innovative technology to explore, discover and enjoy.”
Best Buy will close two iconic sections – DVD and Blu-ray – in nearly 1,000 stores nationwide and online after the 2023 holiday season
The decision to end sales of DVDs and Blu-rays was made nine months ago due to the shift in “the way people watch movies and TV shows.”
U.S. physical media revenue fell 28 percent to a total of $754 million in the first half of 2023
The consumer electronics giant’s decision follows DVD-by-mail service pioneer Netflix, which ended its service last month. Sales of DVDs and Blu-ray discs have been shrinking for years.
The upcoming 2023 shopping season is likely the last chance for Best Buy customers to stock up on discs from the retailer.
The retailer has listed more than 14,000 DVDs and 20 Blu-ray players on its website, and will continue to sell them throughout the shopping season.
Consumers might not be surprised if they’ve visited Best Buy’s brick-and-mortar stores lately, as retailers have continued to relocate and downsize drive aisles in recent years.
U.S. physical media revenue fell 28 percent to a total of $754 million in the first half of 2023.
According to the Digital Entertainment Group, sales of $1.05 billion were recorded in the corresponding period of the previous year.
Best Buy has launched more than 14,000 DVDs and 20 Blu-ray players and will continue to sell them throughout the shopping season
The upcoming 2023 shopping season is likely the last chance for Best Buy customers to stock up on discs from the retailer
The company said it is both “pragmatic and optimistic” heading into the final two quarters despite the uncertain macro environment
Best Buy’s comparable sales in the second quarter of 2023 were 6.3 percent lower than the same period of the previous year, and online sales fell 7.1 percent.
Second-quarter revenue fell 7.2% to $9.58 billion, slightly better than analyst estimates. While sales of appliances and electronics fell, the entertainment category rose 9.1 percent.
The results “reflect a consumer electronics industry that continues to be under pressure due to improving demand in previous years and the various macroeconomic factors that we are all too familiar with,” Best Buy’s CEO Corie Barry said in his report. release of income.
Barry added that the company was both “pragmatic and optimistic” heading into the last two quarters, despite the uncertain macro environment.
“Of course, the macro environment remains uncertain with a number of headwinds and headwinds, including the imminent resumption of student loan payments in October, all resulting in uneven impacts for consumers,” she said.
‘Overall, we believe that consumers are in a good place. But as we said, they are making careful choices and trade-offs that are good for their households.”