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3The retailing giant Tesco announced that it is to close it’s online store on September 1st.
After purchasing a 91% stake in music streaming service, We7, in June for £10.8m, Tesco is expecting to focus their intentions on the online radio market rather than online music sales.
Tesco will close it’s MP3 download store on September 1st.
BPI reports about 500,000 digital albums are purchased each week in the UK, up 64,000 since 2006. However, with Apple’s iTunes and the Amazon digital markets dominating sales, Tesco is expected to focus on the growing industry of streaming services with We7.
Commenting on the purchase on We7, Tesco explained customers can expect “a wider choice in how they consume music, complementing Tesco’s current music offer in store and online”.
The company also purchased the majority of film & TV PPV service and download store, Blinkbox to further it’s stake in the entertainment industry.