COMPANYHISTORIES
NAIC 45122

Prerecorded Tape, Compact Disc, and Record Stores

How the companies in this industry began, and the forces that shaped them.

13companies1921–1983founding years11still active2no longer operating
§ 01

The industry over time

Companies foundedEconomyTechnologyEnvironmentHistory
FoundedHMV Group plc
1921
FoundedSchmitt Music Company
1926
FoundedNational Record Mart, Inc.
1937
1939
EconomyWorld War II begins; wartime production surges.
1945
EconomyThe war ends; a long global expansion begins.
1947
TechnologyThe transistor is invented.
FoundedCircuit City Stores, Inc.
1949
1958
TechnologyThe integrated circuit is demonstrated.
FoundedMTS Inc.
1960
1962
EnvironmentSilent Spring launches the modern environmental movement.
EconomyThe first Walmart opens, built on everyday low prices.
FoundedBest Buy Co., Inc.
1966
FoundedHastings Entertainment, Inc.FoundedUltimate Electronics, Inc.
1968
FoundedHalf Price Books, Records, Magazines Inc.FoundedTrans World Entertainment Corporation
1972
FoundedVirgin Group
1973
1975
TechnologyThe personal-computer era begins.
FoundedMusicland Stores Corporation
1977
1981
TechnologyThe IBM PC launches and sets a standard.
FoundedWest Coast Entertainment Corporation
1983
1984
TechnologyApple ships the Macintosh; the GUI era begins.
1989
HistoryThe Berlin Wall falls; global markets open up.
1991
TechnologyThe World Wide Web is released to the public.
1993
TechnologyThe Mosaic browser brings the web to everyone.
1994
TechnologyE-commerce begins to disrupt retail.
1995
TechnologyWindows 95 launches; the internet goes mainstream.
1997
EnvironmentThe Kyoto Protocol sets the first climate targets.
1999
TechnologyNapster ignites the digital disruption of recorded music.
2004
TechnologySocial media and Web 2.0 take hold.
2007
TechnologyThe iPhone launches the smartphone era.
2010
TechnologyCloud computing goes mainstream for business.
2015
EnvironmentThe Paris Agreement sets global climate targets.
2020
EconomyThe COVID-19 pandemic upends the global economy.
2022
EconomyInflation spikes; central banks raise rates sharply.
2023
TechnologyGenerative AI reaches mainstream business use.
§ 02

The companies

HMV Group plc →
Active · founded 1921 · United Kingdom
Following the public offering, HMV began entertaining buyout offers for its Waterstone's chain, including a leveraged…
Schmitt Music Company →
Active · founded 1926
Schmitt Music Company (also known as Schmitt's) is one of the country's largest full-service music retailers.
National Record Mart, Inc. →
Defunct · founded 1937
With origins in the late 1930s, National Record Mart, Inc.
Circuit City Stores, Inc. →
Active · founded 1949
Circuit City Stores, Inc., is the nation's second largest retailer of consumer electronics, personal computers, and…
MTS Inc. →
Active · founded 1960
MTS Inc., the little-known corporate name of the much more widely recognized Tower Records, is the second largest music…
Best Buy Co., Inc. →
Active · founded 1966
Minnesota-based Best Buy Co., Inc.
Hastings Entertainment, Inc. →
Active · founded 1968
Operator of a fast-growing chain of multimedia superstores, Hastings Entertainment, Inc.
Ultimate Electronics, Inc. →
Defunct · founded 1968
Ultimate Electronics, Inc.
Half Price Books, Records, Magazines Inc. →
Active · founded 1972
Through its chain of 64 stores in ten states, Half Price Books, Records, Magazines Inc.
Trans World Entertainment Corporation →
Active · founded 1972
Trans World Entertainment Corporation is one of the country's largest specialty music retailers.
Virgin Group →
Active · founded 1973 · United Kingdom
Virgin Group is a diversified grouping of more than 200 privately held companies.
Musicland Stores Corporation →
Active · founded 1977
The leading specialty retailer in the United States of prerecorded music, movies, and audio and video accessories,…
West Coast Entertainment Corporation →
Active · founded 1983
West Coast Entertainment Corporation owns and operates about 286 video stores and about 217 more franchises, most under…
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