Best Buy to Stop Selling Movie Discs in Favor of Digital Content
Best Buy is waving goodbye to physical movie-watching with DVDs and Blu-rays. The consumer electronics retailer announced its plans to phase out DVD and Blu-ray sales by early 2024, confirming to the AP on Friday. However, this change does not affect the sale of video games. “To state the obvious, the way we watch movies and TV shows is much different today than it was decades ago,” stated Best Buy in an email. The company aims to make space for new and innovative technology for customers to explore and enjoy.
Best Buy is not the only company ditching physical media in recent months. Netflix’s DVD-by-mail service also came to an end last month. Speculation about Best Buy’s plans began circulating this week after reports from various media outlets. Entertainment blog The Digital Bits was the first to break the news on Thursday, citing reliable sources.
According to industry sources cited in Variety, Best Buy made the decision to end DVD sales approximately nine months ago. In the second quarter of 2023, the Minnesota-based company generated $274 million in revenue ($1.25 per share). While this exceeded Wall Street expectations, it was lower than the $306 million earned during the same period the previous year. Second-quarter sales dropped by 7.2% to $9.58 billion, slightly outperforming analyst estimates. Comparable sales, which include both physical stores and digital channels, decreased by 6.3%. However, the entertainment category saw an increase of 9.1%.
(Read more Best Buy stories.)
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