JB Hi-Fi unplugs its music streaming service
JB Hi-Fi’s Music streaming service NOW will be switched off on March 17, a casualty of the highly competitive music streaming market, dominated by international players like Spotify and Apple Music.
The electrical retailer announced yesterday it would no longer be taking any new subscriptions, renewals or direct payments. Subscribers will be able to use the service as normal until March 17, and JB Hi-Fi will provide refunds for any days paid for beyond that date.
“We would like to take this opportunity to thank you for your support of the JB Hi-Fi NOW streaming service. We remain passionate about music and will continue to offer Australia’s largest range of CDs and vinyl through our 180 stores nationally and via our online site,” the company wrote on its website.
It is business as usual for JB Hi-Fi’s video streaming service.
JB Hi-Fi has been proactively working to offset the decline in its entertainment products, such as sales of DVDs and CDs.
In its half yearly results released last week, Australian software sales (music, movies and games) declined 4.6 per cent.
Net profit rose 7.6 per cent to $95.2 million for the six months to December 31 and total revenue increased 7.7 per cent to $2.12 billion, with comparable sales during the period up 5.2 per cent.
Online sales rose 28.9 per cent and now represent 3 per cent of JB Hi-Fi’s total sales. Unique visitors to JB Hi-Fi websites during the 12 months to December 31 averaged 1.3 million per week.