(New York) Best Buy is saying goodbye to watching movies with physical discs.
The consumer electronics retailer plans to phase out its DVD and Blu-ray sales by early 2024 — sales of physical movies sold in stores and online will continue through the holiday season, Best has confirmed Buy from the Associated Press Friday. Video games will not be impacted.
“To put it bluntly, the way we watch movies and TV shows is very different today than it was a few decades ago,” the company said in an emailed statement. Making this change gives us more space and opportunity to bring new and innovative technologies to customers that they can explore, discover and enjoy. »
It is unclear at this time whether this decision by Best Buy will affect its stores in Canada. The company did not immediately respond to a request for details from The Canadian Press.
Best Buy isn’t the only company starting to move away from physical media. Last month, Netflix’s DVD-by-mail service officially ended as the company’s iconic red and white envelopes made their final journey.
Speculation about the fate of Best Buy’s physical films began circulating this week after several media outlets reported on the company’s plans.
Entertainment blog The Digital Bits was the first to share the news on Thursday, citing sources familiar with the matter. And according to US magazine Variety, which also cites industry sources, Best Buy made the decision to end DVD sales nine months ago.
Minnesota-based Best Buy reported profits of $274 million, or $1.25 per share, in the second quarter of 2023. That beat Wall Street’s expectations, but still fell short of the $306 million the company raked in. during the same period last year.
Second-quarter sales fell 7.2% to 9.58 billion, slightly better than analysts’ estimates. Comparable sales — sales at physical stores open at least a year and digital channels — fell 6.3%, driven down by declines in computer and appliance products.
While sales of appliances and electronics declined, the entertainment category grew 9.1%.
