Sony says the “demand for physical media is contracting faster than anticipated.” They say that is especially true in Europe. And this is affecting their business in a big way. Sony invented this format back in 2006 competing at the time against the HD-DVD format. Sony won hands down after investing big money into the Blu-Ray format. But Apple never adopted the format and services like Netflix and Amazon have made cloud and streaming-based services more appealing.
The format is not dead, but is in decline. Many wedding videographers and other producers offer their clients cloud and streaming-based video delivery services in place of discs. Blu-Ray, like DVDs, will be around for a while. Amazon and Wal-Mart sells Blu-Ray players for as little as $68.