Website to buy consumers' old CDs
Updated on 01 September 2008
Hard up consumers can convert their unwanted CDs into cash through a new website.
Musicmagpie.co.uk will pay between 25p and £3 each for CDs, which it then sells on to specialist retailers and distributors.
The group said more than £21 million old CDs are thrown away in the UK each year, with around 30 million CDs sent to landfill sites.
People wanting to sell CDs to the group need to log on to its website, where they will be asked to enter the barcode number from the CD they want to sell. Musicmagpie will then make a cash offer for the CD.
If people decide to accept the offer they will be sent a pre-paid envelope, and they will receive a cheque within seven days of their CD being received and accepted by the group.
The site will buy a minimum of five and a maximum of 250 CDs in each transaction.
A trial version of the site was launched at the beginning of the year and it has so far paid out £138,262 to its 4,000 registered users, with the number of people using the site growing by around 1% a day.
Craig Dawson, head of operations at musicmagpie.co.uk, said: "Every day we see things on the news about the credit crunch getting worse and we think the service is a real winner.
"Unlike auction sites, users can get cash for as many of their old CDs as they want without the hassle and cost of selling each (one) individually."
He added that now the testing phase of the site had been completed, the group was looking into buying DVDs and games as well.
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