FILE - Shoppers are silhouetted as they walk toward a Best Buy store after doors opened at 5 a.m., Nov. 26, 2021, in Lone Tree, Colo. Best Buy is saying goodbye to movie-watching with physical discs. The consumer electronics retailer plans to phase out its DVD and Blu-ray sales by early 2024 — with physical movies set to be sold in-stores and online as they are today through the holidays.
“To state the obvious, the way we watch movies and TV shows is much different today than it was decades ago,” the company said in an emailed statement. “Making this change gives us more space and opportunity to bring customers new and innovative tech for them to explore, discover and enjoy.” Best Buy isn’t the only company to start moving away from physical media in recent months. Last month, Netflix’sSpeculation about the fate of Best Buy’s physical movies began swirling around this week after several media outlets reported on the company’s plans.. That topped Wall Street expectations, but was still below the $306 million the company earned in the same period last year.
Second-quarter sales fell 7.2% to $9.58 billion, slightly better than analyst estimates. Comparable sales — sales from physical stores open at least a year, and digital channels — fell 6.3%, dragged down by declines in computing and appliances. While appliance and electronic sales fell, the entertainment category increased by 9.1%.