AMARILLO, Texas, July 29, 1999-- Hastings Entertainment, Inc. (NASDAQ: HAST), a leading multimedia entertainment superstore and Internet retailer, today announced that its e-commerce web site, www.gohastings.com, will feature a live on-line concert with Giant Record/Warner Bros. recording artist "Owsley" at 7:30 p.m. CDT on July 29, 1999. Web shoppers will be able to view the 45 minute concert, purchase an autographed copy of the band's new CD and submit questions to the band that will be answered in a live, on-line interview immediately following the concert.

"This is the first of many on-line concerts that we plan to feature on gohastings.com," said John Marmaduke, chairman and chief executive officer of Hastings Entertainment. "We feel this is a perfect way to introduce exciting new talent to our consumers and allow them to feel closer to the entertainment experience."

Shilah Morrow of Giant Records/Warner Bros. added, "We are extremely excited about this new technology. We are looking forward to participating with Hastings in bringing this event to the Worldwide Web."

The concert will be featured on gohastings.com's new Web-cast page, which will offer a wide variety of both on-demand and live video events. Through an agreement with Yahoo!, a leading global Internet media company, the company will deliver live entertainment events through Yahoo! Broadcast Services (formerly broadcast.com).

Founded in 1968, Hastings Entertainment, Inc. is the leading multimedia entertainment retailer that combines the sale of books, music, software, periodicals, DVDs and videos with the rental of videos, DVDs and video games in a superstore format. The company currently operates 137 superstores located primarily in small to medium-sized markets in 20 states across America. Hastings superstores average 21,200 square feet and total approximately 2.9 million square feet of retail space under lease. The company has opened eight superstores thus far in fiscal 1999 and anticipates opening 12 additional superstores during the remainder of the fiscal year.

Hastings also operates www.gohastings.com, an e-commerce Internet Web site that makes available to customers more than 10 million new and used entertainment products and unique gifts and toys. The site features exceptional product and pricing offers, including best-selling books at up to 50% off list price. In addition, investors and customers can review general and financial information about Hastings at this Web site.