'8 CDs For A Penny' Company Files For Bankruptcy

The party's over for Columbia House, the music and movie subscription company that has been called "the Spotify of the '80s."

Filmed Entertainment Inc., which owns Columbia House, filed for Chapter 11 bankruptcy protection on Monday in a Manhattan court after more than two decades of declining revenues, according to a company statement.

Although Columbia House moved exclusively to DVDs in 2010, it could not stay afloat in an industry crowded with streaming services. The company's annual revenues peaked in 1996 at $1.4 billion, but by 2014, revenues had dwindled to just $17 million.

Columbia House "started in 1955 as a way for the record label Columbia to sell vinyl records via mail order," according to the A.V. Club, which adds that it "continually adapted to and changed with the times, as new formats such as 8-tracks, cassettes, and CDs emerged and influenced how consumers listened to music."

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