Goodbye To More DVDs? Best Buy Plans To Phase Out Sales Of Physical Movies In 2024

NEW YORK— Best Buy is ending the practice of using physical discs to view films.

Friday, Best Buy confirmed to The Associated Press that the consumer electronics retailer intends to discontinue DVD and Blu-ray sales by early 2024. Physical movies will continue to be available for purchase in-store and online, as they are at present, until the holiday season. Not a single video game will be affected.

“It is self-evident that the manner in which we consume films and television programmes has evolved significantly over the past few decades,” the organization stated in an email. “By implementing this modification, we gain additional room and prospects to provide customers with novel and inventive technologies to investigate, appreciate, and discover.”

In recent months, numerous businesses have begun to transition away from physical media, including Best Buy. For instance, Netflix’s DVD-by-mail service concluded last month with the final delivery of the company’s recognizable red-and-white envelopes.

Best Buy is ending the practice of using physical discs to view films.

The fate of Best Buy’s physical films sparked speculation following reports from multiple media entities regarding the company’s intentions.

The entertainment blog The Digital Bits initially reported the news on Thursday, citing sources with direct knowledge of the situation. Additionally, Variety, which cited industry sources, reports that Best Buy initially discontinued DVD sales nine months ago.

Best Buy, headquartered in Minnesota, generated $274 million in revenue, or $1.25 per share, in the second quarter of 2023. While it exceeded the expectations of Wall Street, the company’s earnings for the same period last year amounted to $306 million.

Despite a 7.2% decline to $9.58 billion, second-quarter revenue was marginally above analyst expectations. Comparable sales—digital channels and sales from physical locations open for at least a year—regressed by 6.3%, led by declines in computing and appliances. Despite a decline in sales of appliances and electronics, the entertainment sector experienced a 9.1% surge.

SOURCE – (AP)