There are lessons from Musica’s demise, but have we learnt them?
There’s a gap in digital media space for digital specific content, but it begs the question, what is it?
On Thursday we woke up to the announcement by that pharmacy group Clicks is shutting down Musica.
The company said it is closing Musica’s remaining 59 stores countrywide over the next four months and cited the gradual move by consumers to digital consumption of music, games and movies as the main reason behind the business not doing well in recent years. This move has been described by many in the industry as the end of an era and, in all honesty, it has been a long time coming.
While Musica has been the country’s leading music and entertainment retail brand for decades, it has been reporting year-on-year revenue declines in recent years. To think that just a decade ago Musica reported a healthy turnover of R895.6m in 2011, and 10 years later it is closing shop...