Best Buy to cease selling DVD and Blu-ray media after the holidays
The decision reportedly stemmed from changes in how people consume entertainment
Best Buy customers looking to purchase DVDs or Blu-ray discs will have to find another retailer after the 2023 holiday season.
Starting in 2024, sales of hard copies of movies and TV shows by the consumer electronics seller will cease, according to Variety and The Digital Bits. The outlets originally attributed the details of Best Buy doing so to unnamed sources.
FOX Business reached out to Best Buy for comment.
Pumping the breaks on DVDs was reportedly something Best Buy concluded it should do earlier this year. (Reuters/Andrew Kelly / Reuters)
Variety also reported that a Best Buy spokesperson linked the planned wind-down of DVD and Blu-ray sales to changes in how people consume entertainment.
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Streaming platforms have increasingly become the go-to for many for viewing movies and TV in recent years. Some well-known entities include Netflix, Amazon Prime Video, Hulu, Disney+, Max, Peacock, Apple TV and Paramount+.
Pumping the brakes on DVDs was something Best Buy concluded it should do earlier this year, according to Variety. The move will reportedly apply to sales conducted online and in physical stores.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BBY | BEST BUY CO. INC. | 89.56 | +3.04 | +3.51% |
"Making this change gives us more space and opportunity to bring customers new and innovative tech for them to explore, discover and enjoy," the spokesperson told the outlet.
The upcoming holidays will mark some of the last opportunities for Best Buy customers to still get discs from the retailer, Variety reported.
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In late August, while participating in the company’s second-quarter earnings call, Best Buy CEO Corie Barry said the retailer was "both pragmatic and optimistic" heading into the holiday season and final two quarters.
Best Buy Co Inc
"Of course, the macro environment remains uncertain with a number of tailwinds and headwinds, soon including the October resumption of student loan payment, all of which results in uneven impacts on consumers," she said. "Overarchingly, we believe that the consumer is in a good place. But as we have said, they are making careful choices and trade-offs right for their households."
Best Buy reported an increase in second-quarter sales of nearly 20% as consumers purchased electronics to adjust to lifestyle changes related to the ongoing pandemic. (Scott Olson/Getty Images / Getty Images)
Best Buy adjusted its forecast for its fiscal year 2024, projecting annual revenue in the $43.8-$44.5 billion range. For non-GAAP diluted earnings per share, it told investors it expected that to now come in at $6-$6.40 for the year.
The retailer, which posted a market capitalization of $15.38 billion as of Monday afternoon, has been around since the 1960s.