According to Billboard, the No. 1 tech retailer in the US has informed music suppliers that it's cutting the CD cord on July 1 after annual CD sales fell to $40 million, or 0.1 percent of total 2016 revenues.
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Best Buy recently announced that it will be pulling CDs from its stores due to an overwhelming drop in sales. Any unsold merchandise is shipped back to the labels, again at the store's expense. It wants to pay for CDs and DVDs after they are sold or scanned at the registers. This model seems to push casual listeners even more into digital and streaming media, and time will tell if this will have that great of an impact on overall sale of music in the United States. This year we will likely see the death of another famous music format.
Best Buy did not immediately respond to EW's request for comment, but a Target spokesperson offered this statement: "Entertainment has been and continues to be an important part of Target's brand". For example, previous year Target moved 500,000 copies of Taylor Swift's latest, Reputation. And they're not necessarily willing to cooperate - at least one major music label is "leaning no", Billboard said, while two others have yet to make a call. We are committed to working closely with our partners to bring the latest movies and music titles, along with exclusive content, to our guests. Rather than buying individual CDs, users can stream a wide variety of music on demand for the price of just a few physical CDs.