Economists and analysts will debate why HMV went into administration for years, but for others the answer is pretty simple: the internet.
For while HMV was able to capitalise on the rise of CDs, DVDs and boxed video games, which it knew how to sell in bulk, when faced with online music sales, home shopping and piracy it was arguably left without an answer.
Among all the online innovations which contributed to finally kill HMV, a few stand out above the rest.
Vote on which you think was the most important - and if we've missed any let us know in the comments.
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iTunes (Online Music Sales And Streaming)
Try finding a portable CD player in Currys - then go into HMV and look at the racks of discs. See the mismatch?
Apple launched in iTunes Music Store in 2003. While sceptics said it would never be able to compete with music pirates, Apple quickly proved it had more than enough to challenge both them and physical stores still stocking CDs - namely HMV. Digital sales of music have risen exponentially in the decade since its launch, while CD sales have cratered.
HMV's own forays into digital music sales never took off, and its latter attempt to capitalise on digital with gadget sales also seemed a limp response. Streaming services like Spotify are the final nail in its coffin.
Piracy
It's impossible to overlook the impact of piracy and file-sharing in the history of HMV. While the actual and potential lost revenue is impossible to measure accurately, it undoubtedly taught HMV's young customers to look online for music, games and films ahead of looking in the shops. In a sense its cultural impact was even more important than its financial one.
Amazon (Online Retail)
While HMV had run its own 'Direct' mail order service since 1992 and its first web store in 1999, the rise of Amazon as the UK's largest online retailer over the past decade still seemed to take the company completely by surprise.
Amazon's market-leading recommendations engine, coupled with its broad range of products, cheap prices and One Click ordering feature meant it was often cheaper and easier to order online than venture out to the shops.
The launch, and re-launch, of HMV.com was never able to match Amazon, and the retailer continued to suffer throughout the 2000s.
Steam (Digital Games Distribution)
Video games are one of the fastest growing - and highest-grossing - media formats in the UK. But as the collapse of Game has recently proven, that doesn't mean people want to buy boxes with plastic disks inside - at least not on the High Street.
The rise of digital distribution channels like Steam for PC gaming, Apple's App Store and the PSN and XBox Live networks have shown there is a different future on the horizon, while price-sensitive customers are looking online for the best deals for boxed games.
Smartphones (3G Networks)
Smartphones - and 3G networks in particular - made it possible to shop online at Amazon even when standing inside a physical HMV store.
Once it was possible to order a DVD cheaper on your phone than walking 20 feet to the cash till, it was hard to see how HMV could compete and still make enough profit to stay in business.
Streaming Media
One from our suggestion box this - streaming media, including YouTube, Spotify, iPlayer and film services like LoveFilm has definitely made an impact. It's a more recent tech compared to Amazon and Piracy, but now movies, music and even games are available on demand, legally, anywhere in the world, for many people the point of buying them on disks isn't clear anymore.
As an example, Gangnam Style has now been watched on YouTube almost 1.2 billion times. How many CD single copies do you think HMV sold?
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Economists and analysts will debate why HMV went into administration for years, but for others the answer is pretty simple: the internet.
For while HMV was able to capitalise on the rise of CDs, DV...
Economists and analysts will debate why HMV went into administration for years, but for others the answer is pretty simple: the internet.
For while HMV was able to capitalise on the rise of CDs, DV...
The worst part of HMV closing down is that the music and film lover will have limited options when it comes to discovering new music. Sure there are record stores, but, especially in small towns, it can be hard to find a decent one.
What was stopping HMV emulating them, what was to stop them going in a completely different direction and get people into the stores, it's no good blaming Amazon for not paying taxes, blame the government. What was stopping them (HMV) buying Napster or Spotify and exploiting it, companies like HMV and Blockbuster lacked imagination, and it cost them the business.
Aliktren: What was stopping HMV emulating them, what was to stop
Aliktren,Calm down, it was only an idea(which you must appreciate).OK, I blame the Government-that still does not rectify the amount of Tax Amazon and other global companies have managed to avoid.
SB944: Aliktren,Calm down, it was only an idea(which you must appreciate).OK,
Remember when Gerald Ratner said his stores sold 'over priced crap' and expressed his amazement that people continued to buy it. Well, HMV has been getting away with that for about 30 years. Keep doing what you are doing and you will always get what you always have.
No sympathy.
jarrettie: Remember when Gerald Ratner said his stores sold 'over priced
Shame about HMV, but I'd be lying if I said I didn't see it coming. Mecca for music, but I was sadder at independent music store decline. Still, of the few remaining independent record stores still open, they look to be the last species to survive! There's a kinda irony in that, given HMV's expantion swept away many of those small stores.
But buying music has changed, 6.5% online sales in 2002, & now around 73%, & rising. I think this news also illustrates rather sadly the decline of musics relationship with concept, art, design & packaging, many of which have become iconic over the years.
vividrick: Shame about HMV, but I'd be lying if I said
Well as predicted, another well known, and long established High - Street Retailer HMV is now closing up Shop for good.
With many MORE High - Street Chain Stores set to be Closing forever over this coming Winter, due to Internet, and On-line businesses sales, selling everyday Hardware item's at a more reduced price, then all that will be left within our High - Streets will be a variety of Charity - Shops, Pound - Shops, and Fresh - Food Shop's in the form of mainly Supermarket's, as many Family Run businesses like with Butcher's, and Baker's Shops also finding it harder to match the cheaper prices being offered within Supermarket - Chain Stores.
Many medium, to smaller independent High - Street Shops will also find it much harder to keep paying their cost for Renting within our High - Street, while NOT being able to sell enough everyday items to give them a workable turn-over, for these types of businesses are much more easily suited to becoming On-line dealers only, as likewise with many Hardware, and Music businesses like HMV, as was the same as with the likes of Woolworth's, and Comets before them, people are comparing likes for likes items for the Best Deals possible while sitting at Home using their Computer's without the needs to have to go out Shopping for something that can just as very easily be posted out, and reaching them within 48hr's, with many items being sent Post Free.
broncohardman: Well as predicted, another well known, and long established High
A very sad day indeed. HMV was basically a super shop which will be sadly missed by the many people like me who are not of the "download" age. One thing is now for sure, and that is my original Vinyl and CD collection will always bring a lot more than anyones iPod ever will.
It was (and still is ) a sheer joy to actually own ones own copy of a recording and great joy was taken in looking after its condition. The LP covers were in themselves an art form which seems now long gone. I still get powerful memories by just looking at the sleeves of Beatles records, some of which I have framed up on my staircase in commemoration of better times when £5 bought you a whole weekend of fun and a tank full of gas in a real "British" Copper "S".
Talking 'bout my generation ( the post War "Baby Boomers" ) we started this entire Pop Music thing in the 1960's when we were the spotty teenages ( do you remember Clearosil ? )and the 1st Edition of NME came out the year I was born.
I know things move on but all that's happening to our culture in the name of 'progress' is all very sad.
RUPERT_1: A very sad day indeed. HMV was basically a super
Personally I love HMV, you just can't beat getting in the store and browsing around, checking out the 5 for £30 offers or BOGOFs or whatever. Their range is huge and there was always something worth buying. I have visited my local store just once in the last 6 months however and that was at Christmas. What killed it for me? well it was the fact that to get there I have to drive into my incredulously poorly designed shopping centre in Plymouth and stop start my way through hundreds of traffic lights at pedestrian crossings. When re-built after WW2 there were fantastic pedestrian underpasses built under all the main roads keeping people - and traffic flowing. Back then people had brains and knew how to use them, but in more recent times some dipstick in the council thought it would be better to fill them all in, turn the 2 lane carriageways into 1 lane (immediately reducing the capacity by 50%) and then stick a traffic light controlled pedestrian crossing every 20 yards. No way am I going to visit a city centre like that unless I have no other choice. Lets hope a buyer can be found but HMV needs to evolve.
ukgrunt: Personally I love HMV, you just can't beat getting in
I agree, Local Authorities are helping to kill town centre shopping. They should bring down the cost of parking and employ someone with half a brain to plan the roads.
In my town they've tried numerous one way systems and traffic free areas.. not to mention the dreaded bus lanes which are empty for 75% of the time,
All of the changes have been a disaster and put people off, a one way system only takes the traffic in one direction it doesn't reduce the volume so why send everyone round and round in a queue when ... if left alone...motorists will find different routes and ease the traffic queues that build up on one way systems.
The councils are killing the high street just as much as the internet.
They also need to reduce the cost of business rates.
nearly_there: I agree, Local Authorities are helping to kill town centre
I don't agree that I tunes is any sort of big killer to anyone and it seems clear it's existance will be much shorter than HMVs. It's one of many nails in the coffin, all of which are nails HMV should have crafted to stay alive, but in this industry no business has proven to be ahead of the game when it comes to the internet except those who began on the net, unless you count Virgin who quit while they were ahead.
Ben_Wilson: I don't agree that I tunes is any sort of
The management at HMV (the ones with the 6 figure salaries who will no doubt be well financially "cushioned" when they lose their jobs; unlike the average HMV shop worker) failed to understand and adapt to the 21st century buying, listening and watching habits of its customer base.
But i notice that its newest boss was brough onboard from Jessops, a few short months before it closed its doors forever. So who interviewed the man? Did they look at his track record and ask him about his work for Jessops?
Sadly, like premiership football managers; no matter how rubbish you are, when you get to the top of the retail "Premiership Managers" tree, all your weaknesses, lack of ideas and inability to understand your business does not stop you from having the best jobs and best pay!
I feel sorry for the 4000 plus hard working men and women whose work, long hours and dedication to HMV will mean nothing as they find themselves joining an ever growing line of people as they sign on and count the cost of poor management.
Roy_Fowler: The management at HMV (the ones with the 6 figure
I have been struggling to remember the last time I visited a HMV store. Everything has become so much more accessible that there really wasn't any need for them any more. I only once in a blue moon buy DVDs and that for a DVD playing in my bedroom, everything else is through Sky or Net flicks. Haven't bought a CD for years, used to use iTunes but now stream through Spotify as it is cheaper for the range of music I listen to. PC games are downloaded through Origin so that just leaves Xbox games which I buy from Amazon or my local second hand game store. To be honest other than some supermarket shopping I find myself hardly ever using the high street, internet all the way for me. Probably not helping the demise am I but when you work full time in an area where shops close before you finish work it doesn't leave much time for high street shopping especially when you have other commitments.
princesspinkpaw: I have been struggling to remember the last time I
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Posted: 15/01/2013 08:58 GMT | Updated: 15/01/2013 11:37 GMT