End Of An Era: Best Buy Bids Farewell to DVDs Following Footsteps Of Netflix

Best Buy Co., Inc. BBY is reportedly discontinuing in-store and online DVDs beginning in 2024, marking a dramatic juncture for consumers who fervently counted the moments until the most anticipated new releases graced the shelves for purchase.

Physical movies will still be obtainable throughout the holiday season, and the change won't impact video games, according to a new report by Bloomberg citing an unnamed spokesperson.

Last month Netflix, Inc. NFLX, the streaming giant that once disrupted the entertainment industry with its DVD-by-mail service, was in the headlines for reportedly ending DVD subscription service. 

Read More: From DVDs To Streaming: Netflix's Evolution Marks The End Of Era: Report

"Making this change gives us more space and opportunity to bring customers new and innovative tech for them to explore, discover and enjoy," the BBY spokesperson told Bloomberg.

Given the availability of thousands of movies and TV shows from various streaming entities such as Walt Disney Company DIS, Hulu, Amazon.Com, Inc. AMZN and Apple Inc. (NASDAQ: AAPL), DVDs have essentially transitioned to near obsolescence, the report adds.

Entertainment represents just 6% of Best Buy's total revenue in the U.S.., the Bloomberg report reads.

Since the initiation of Netflix's streaming service in 2007, there has been a noticeable transition among consumers away from buying physical films and their respective DVD and Blu-Ray players. 

Now Read: Best Buy CEO Links Slower Sales To 'Funflation' Economy And Expensive Taylor Swift Tickets

Price Action: BBY shares are trading lower by 0.68% to $69.90 on the last check Friday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.