You're also likely to see fewer CDs at Target stores in the coming months.
According to newly released numbers from the RIAA, revenue from streaming services accounted for a whopping 62 percent of the total market for the first half of previous year, while physical sales, which are comprised of CDs and vinyl albums, made up just 16 percent of revenue. Target is now taking the inventory risk by paying for any goods it's shipped within 60 days, but must pay to ship back unsold CDs for credit. The magazine reports at least one label is balking at the idea, which could box Target into making a decision on whether or not to keep selling CDs or DVDs. Now, Target is trying to pass the risk to labels, by changing their operations to scanned-based trading.
The once commonplace digital music format is getting hammered in the US.
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Target used to carry more than 800 CD titles, but seems to have reduced its stock to less than 100 titles. Inside sources say that three music labels oppose the move, while two others are undecided.
"Entertainment has been and continues to be an important part of Target's brand".
How do you purchase your music or movies these days? "We have nothing more to share at this time". With the death of the MP3, and people shelling out cash to use streaming services, the sale of physical copies makes even less sense for retailers.