CHARLOTTE, N.C. -- It might be time to say goodbye to your CD collection.
Electronics retail giant Best Buy said it is going to stop selling CDs nationwide on July 1. A report from Billboard showed that CD sales drop 18.5 percent last year as more consumers turn to digital downloads and streaming services such as Spotify and Pandora.
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 last year, while physical sales, which are comprised of CDs and vinyl albums, made up just 16 percent of revenue.
Best Buy announced that it will continue to sell vinyl albums, which were up 3 percent overall, according to the RIAA.
Billboard reported that retailer Target is attempting to reduce its in-store music presence, as well as how it negotiates CD sales with record labels. According to that report, Target would only pay music labels for CDs that are kept in stores until they are purchased by customers, rather than paying in advance and receiving a credit for unsold albums.