This weekend officially marked the end of an era for retailer Best Buy. The company ended its sales of compact discs on July 1, a move that was first hinted at back in February. Although CDs won’t be on the shelves, Best Buy will continue selling vinyl in stores for at least two more years.
The move is a strong reaction from the retail sector in response to the steady drop in physical music sales. The RIAA data for 2017 found that all physical sales generated just a 17% share of the U.S. music industry revenue for the year, while streaming has skyrocketed to a 65% share. Total physical product sales fell 4% to $1.5 billion for 2017, and CD shipments declined 6% to $1.1 billion. Vinyl has, for several reports, been the lone bright spot in physical formats, although it is still a small niche commanding revenue of just $395 million.