Best Buy Co IncBusiness Best Buy to Discontinue Sales of Physical Films: A Shift Expected in the Coming Months by Lucas Garcia October 13, 2023 written by Lucas Garcia October 13, 2023 6 comments Bookmark 25 Best Buy is bidding farewell to the sale of physical film formats. The electronics retail giant has announced plans to cease its in-store and online sales of DVDs and Blu-rays by the first quarter of 2024. The decision was confirmed by Best Buy to The Big Big News this past Friday. However, this change will not affect the sales of video games. “In light of evolving viewer habits, it’s clear that the consumption of movies and television shows today is significantly different from how it was several years ago,” Best Buy communicated in an official email statement. “This transition allows us to allocate retail space for more cutting-edge technologies that customers can explore, learn about, and incorporate into their lives.” Best Buy is not the only enterprise steering away from the realm of tangible media. Just last month, Netflix terminated its DVD-by-mail service, marking the end of its iconic red-and-white delivery envelopes. Rumors regarding the discontinuation of physical movies at Best Buy had been circulating earlier this week, sparked by reports from multiple media organizations. The Digital Bits, an entertainment blog, was the first to disseminate the news on Thursday, attributing the information to sources acquainted with the issue. Trade publication Variety also reported that Best Buy’s decision to cease DVD sales was internally made approximately nine months ago, citing their own industry contacts. For the second quarter of 2023, Minnesota-based Best Buy reported earnings of $274 million, translating to $1.25 per share. Although this surpassed Wall Street projections, it was marginally lower than the $306 million earned during the same timeframe the previous year. Sales for the quarter saw a decrease of 7.2%, amounting to $9.58 billion, which was nonetheless slightly more favorable than what analysts had anticipated. Comparable sales, which include revenue from both physical stores that have been operational for at least a year and digital platforms, decreased by 6.3%. This downturn was attributed to diminishing sales in the computing and appliances sectors. Contrarily, sales in the entertainment division saw an uptick, registering a growth of 9.1%. Table of Contents Frequently Asked Questions (FAQs) about Best Buy discontinues physical film salesWhat is Best Buy’s plan regarding the sales of DVDs and Blu-rays?Will this decision impact the sales of video games at Best Buy?Why is Best Buy making this change?Are there any other companies discontinuing the sale or rental of physical movies?When was the decision to discontinue DVD sales initially made?How has this decision affected Best Buy’s financial performance?What has been the trend in Best Buy’s sales in entertainment categories?Are DVDs and Blu-rays still available for purchase at Best Buy?More about Best Buy discontinues physical film sales Frequently Asked Questions (FAQs) about Best Buy discontinues physical film sales What is Best Buy’s plan regarding the sales of DVDs and Blu-rays? Best Buy has announced its intention to cease the sales of DVDs and Blu-rays both in-store and online by the first quarter of 2024. Will this decision impact the sales of video games at Best Buy? No, the decision to stop selling DVDs and Blu-rays will not affect the sales of video games. They will continue to be sold as usual. Why is Best Buy making this change? According to an official email statement from the company, the way consumers watch movies and TV shows has significantly evolved over the years. The move is aimed at reallocating retail space for more innovative and cutting-edge technologies that customers can explore. Are there any other companies discontinuing the sale or rental of physical movies? Yes, Netflix recently terminated its DVD-by-mail service, indicating a broader industry trend moving away from physical media. When was the decision to discontinue DVD sales initially made? According to trade publication Variety, the initial internal decision to end DVD and Blu-ray sales was made approximately nine months ago. How has this decision affected Best Buy’s financial performance? In the second quarter of 2023, Best Buy reported earnings of $274 million or $1.25 per share, which was lower than the $306 million earned in the same period the previous year but still exceeded Wall Street expectations. What has been the trend in Best Buy’s sales in entertainment categories? In contrast to decreasing sales in computing and appliances, the entertainment category at Best Buy saw an increase in sales, growing by 9.1% in the second quarter of 2023. Are DVDs and Blu-rays still available for purchase at Best Buy? Yes, DVDs and Blu-rays will continue to be sold both in stores and online through the holiday season, after which the phase-out will begin. More about Best Buy discontinues physical film sales Best Buy Official Announcement The Big Big News Coverage Variety Article on Best Buy’s Decision Netflix’s Termination of DVD-by-Mail Service The Digital Bits Initial Report Best Buy’s Q2 2023 Financial Report You Might Be Interested In Retailers Increase Black Friday Discounts to Attract Cautious Shoppers Seeking the Best Deals Macy’s slashes expectations for the year after a pullback by shoppers in the spring Retailers ready to kick off unofficial start of the holiday season just as shoppers pull back Rapid Adoption of Electric Vehicles in India Fueled by Government Initiatives and Cost-Aware Consumers Black Friday 2023: Store Hours at Major Retailers Including Walmart, Target, Best Buy, Kohl’s, Home Depot, and Macy’s Impending Auto Workers Strike May Escalate Vehicle Prices, Though Not Immediately—Unless Consumer Anxiety Sets In Best BuyBest Buy Co Incconsumer behaviorDVD salesindustry trendsphysical media Share 0 FacebookTwitterPinterestEmail Lucas Garcia Following Author Lucas Garcia, a seasoned business reporter, brings you the latest updates and trends in finance and economics. With a keen eye for market analysis and a knack for spotting investment prospects, he keeps investors informed and ahead of the curve. previous post AP IMAGES: Portraits of Suffering and Desperation on Seventh Day of Hostilities next post Elf Bar Circumvents U.S. Import Restrictions Through Strategic Rebranding You may also like Bookmark Boebert switches congressional districts, avoiding a Democratic opponent... December 28, 2023 Bookmark Boebert Shifts to a Different Congressional District, Dodging... December 28, 2023 Bookmark Stock market today: Wall Street ends higher at... December 27, 2023 Bookmark Severe Winter Weather Hits Central US Following Christmas December 27, 2023 Bookmark Farewell to Twitter December 25, 2023 Bookmark Haven’t bought holiday gifts yet? There’s still time... December 25, 2023 6 comments CinephileX October 14, 2023 - 1:46 am Physical media has a certain charm, ya know? Nothing can replicate that. Sad to see Best Buy giving it up. Reply Sarah_T October 14, 2023 - 12:13 pm Can’t say im surprised. Everything’s digital these days. But it’s kinda sad too, I like collecting DVDs. Reply TechGuru91 October 14, 2023 - 1:21 pm Interesting move by Best Buy. Clears up space for more tech. Bet we’ll see more VR stuff or smart home gadgets there soon. Reply WallStWatcher October 14, 2023 - 2:39 pm Not a huge shock considering the Q2 numbers. Company needs to adapt or perish. Good on them for taking action now. Reply MikeJ October 14, 2023 - 3:40 pm Wow, DVDs going the way of the dodo huh? Seems like end of an era… but kinda saw it coming. Streaming’s the king now. Reply JennyMoms October 14, 2023 - 5:26 pm so no more kids dvds at Best Buy? Guess its time to finally set up that Netflix kids account. Reply Leave a Comment Cancel Reply Save my name, email, and website in this browser for the next time I comment. Δ
