The Return-On-Investment from Your Public Library is Unbelievable!

Source: Oleg Kagan, EveryLibrary, July 17, 2018

If libraries were a business, you’d want to buy that stock.

Wise investors know a good deal when they see it, which is why so many people who are smart and rich love their public library. It’s simple, really, if you consider what the average U.S. household pays for library services (~$7.50/month) and put that next to a public library’s vast offerings, the point is obvious. For under ten dollars you get thousands of books, music, movies, wholesome activities for kids, very expensive market research databases, and a much, much more. But say you’re still not convinced that libraries are a smart investment. Okay, what if I tell you that over and over again research has shown that the Return-on-Investment (ROI) for your local library is around $5 (but could be up to $9), for every dollar spent. It’s true: for every dollar that communities invest in library services they get five back!….

Related:
Should We Replace Libraries with Amazon?
Source: EveryLibrary, July 22, 2018

Of course not. It’s a terrible idea.

So why did Forbes publish this article that made that horrendous suggestion?

We have no idea….

There are, of course, many problems with this idea. First of all, libraries cost the average American taxpayer over 18 years old just $4.50 per month. An Amazon Prime subscription alone is nearly double that price and you get very little for free with that subscription because you still have to buy books or pay more to gain access to premium goods or services. If you want audio books or eBooks on Amazon, you need to pay for an Audible subscription or Kindle unlimited ($10 a month or twice the cost of a library) but you can get that for free through Overdrive (Libby) at your local library. If you want newly released movies, you have to buy the premium Amazon channels or you can get those for free at your library. If you want access to premium music you have to pay another $7.99 a month on Amazon or you can use Freegal or Hoopla at your library for free. And, if you want magazines, you can just get those for free from your library with Zinio or PressReader……

cost of various library services compared to costs of Amazon services

Return on Investment for Public Libraries
Library Research Service
Public Libraries – A Wise Investment
Final Report

Individual Reports for Participating Libraries
Cortez Public Library
Denver Public Library
Douglas County Libraries
Eagle Valley Library District
Fort Morgan Public Library
Mesa County Public Library District
Montrose Library District
Rangeview Library District

Study-Related Information and Resources
Personal ROI Calculator
Calculate your individual estimated return on investment based on your personal library use

Library ROI Calculator https://www.lrs.org/public/roi/calculator.php
Calculate an estimated ROI for your library

CAL Presentation
PowerPoint presentation of “Public Libraries – A Wise Investment” from 2007 Colorado Association of Libraries Conference

Questions for Key Informants
Approaches to use for key informant interviews during the study