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[142]Business

Goodbye to more DVDs? Best Buy plans to phase out sales of physical movies in
the coming months

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. (AP Photo/David
Zalubowski, file)

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. (AP Photo/David
Zalubowski, file)
By WYATTE GRANTHAM-PHILIPS
Updated [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year]
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NEW YORK (AP) — 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, Best Buy
confirmed to The Associated Press Friday. Video games will not be
impacted.

“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’s [151]DVD-by-mail service,
for example, officially came to a close as the company’s iconic
red-and-white envelopes [152]made their final trip.

Speculation about the fate of Best Buy’s physical movies began swirling
around this week after several media outlets reported on the company’s
plans.

Entertainment blog [153]The Digital Bits was the first to share the
news Thursday, citing sources familiar with the matter. And according
to [154]Variety, which also cited industry sources, Best Buy made the
initial decision to end DVD sales nine months ago.

Minnesota-based Best Buy earned $274 million, or $1.25 per share,
during the [155]second quarter of 2023. 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%.

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0bc984551325%2Faplogo-with-tagline.png]
The Associated Press is an independent global news organization
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most trusted source of fast, accurate, unbiased news in all formats and
the essential provider of the technology and services vital to the news
business. More than half the world’s population sees AP journalism
every day.
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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.
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153. https://thedigitalbits.com/columns/my-two-cents/101223-1100
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