Music CDs Fading Fast

The shiny compact disc, once as essential to every living-room music system as a copy of Michael Jackson's Thriller album, is quickly going the way of the eight-track and cassette tape, reports USAToday.

The rise of streaming music services such as Apple Music, Spotify and Pandora, as well as the availability of digitally downloadable tracks and albums, are making the CD extinct.

The latest nail in the coffin comes from the nation's largest store-based electronics retailer, Best Buy, which is reportedly planning to quit selling music CDs at its stores by July 1, according to a report in Billboard.

Another retail giant, Target, is also considering a change in how it acquires CDs, which could reduce inventory in its stores and leave fewer choices for music fans, Billboard also reported.

Best Buy declined to comment on the report, but CD sales have fallen at its stores. During the retailer's 2017 fiscal year, which ended Jan. 31, entertainment (gaming, music and movies) accounted for 7% of domestic revenue ($36.2 billion). But entertainment sales were down 13.8% from the previous year, while overall domestic sales revenue dipped only 0.3%.

The music CD, which first made a dent in the U.S. market in 1983, is admittedly showing its age. More than three decades old, the format eventually was embraced by music lovers for its convenience and quality, amounting to $13.2 billion in sales in 2000 — far outpacing Hollywood's box office of $7.7 billion that year.

Music CD sales fell 20% to $1.2 billion in 2016, the most recent year's sales available from the Recording Industry Association of America.

In comparison, paid music subscriptions nearly doubled to $2.3 billion, RIAA says. Digital downloads of albums fell 20% to $876 million.