The consumer electronics retailer plans to end its DVD and Blu-ray sales by early 2024 – sales of physical films sold in stores and online will continue through the holiday season, Best confirmed to the Associated Press on Friday. Video games are not affected.
“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. This change gives us more space and opportunity to offer customers new and innovative technologies for them to explore, discover and enjoy.”
It is currently unclear whether this decision by Best Buy will impact 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 was officially discontinued as the company’s iconic red-and-white envelopes began their final journey.
Speculation about the fate of Best Buy’s physical films began circulating this week after multiple media outlets reported on the company’s plans.
Entertainment blog The Digital Bits was first to report the news on Thursday, citing sources familiar with the matter. And according to American magazine Variety, which also cites industry sources, Best Buy made the decision to stop selling DVDs nine months ago.
Minnesota-based Best Buy reported second-quarter 2023 profit of $274 million, or $1.25 per share. That beat Wall Street’s expectations, but still fell short of the $306 million the company earned in the same period last year.
Second-quarter revenue fell 7.2% to $9.58 billion, slightly above analysts’ estimates. Comparable sales? Selling physical stores open for at least a year and digital channels? fell 6.3%, reflecting declines in computer and home appliance products.
While home appliances and electronics sales fell, the entertainment category grew 9.1%.