The Digital Library Revolution Is Here
The Digital Library Revolution Is Here
Are You Paying Attention?
The Digital Library Revolution Is Here - Are You Paying Attention?
The Rise of Ebook Lending Apps
Let's be honest: when did you last set foot in your local library?
My wife and I frequent our local library weekly, but for many of our friends, it's been ages since they've browsed the dusty shelves and shushed the rowdy kids.
But the library scene has been going through a major glow-up lately, thanks to the meteoric rise of digital library software.
When I was working at a new library yesterday, I realised just how popular these platforms have become. I noticed pamphlets advertising three different ebook and audiobook apps: BorrowBox, Libby, and Hoopla.
This got me curious - how do these companies make money? How big is the market for digital library software?
Today, I returned to my usual library (and hands down the best library in Sydney — of course, I’m biased) and logged onto my member portal to see which apps they offered. I discovered that my local library offers a whopping four different digital lending apps.
Then I wondered, “What’s the difference between each of these apps?”
So I asked the librarian, and here’s what I learned:
All platforms discussed offer a similar basic service: providing access to various titles. Users can expect a functional interface where they can check out items, which vary in borrowing duration from 14 to 21 days.
Platform-Specific Features:
BorrowBox: Known for having more copies of titles, which reduces wait times for popular books.
Hoopla: Offers unlimited copies of titles, ensuring minimal to no waiting period.
Indie Reads: Focuses on Australian authors and is run by the State Library, making it unique in its regional focus.
Libby: Functions similarly to others with possibly some variations in title availability.
Content Availability Variance:
While most titles are available across platforms, the type of content (e.g., audiobooks vs. eBooks) and the specificity of topics (e.g., niche subjects like aviation) might vary. Hoopla might have a wider variety of more niche subjects compared to others like BorrowBox.
Access and Cost:
Access to these platforms is free as long as you have a library card. Logging in through your library portal allows access to the digital resources without any additional cost.
Ease of Use:
All platforms are user-friendly, designed to be straightforward with simple log-in and
I also found a subreddit r/audiobooks and a thread specifically about BorrowBox. Here are some of the user reviews:
Who knew accessing thousands of books, audiobooks, magazines, and more were just a few taps away with a library card?! 🤯🤯🤯
The Numbers Don't Lie
On further digging, I was able to uncover some interesting data. Whilst I couldn’t locate specific revenue figures, this gives us some indication of the market size:
BorrowBox received nearly 329,000 website visits in April (Source: SEMrush)
Average BorrowBox user session duration: Over 8 minutes (Source: SEMrush)
Global library software market expected value by 2028: $3.76 billion (Business Research Insights - April 2024)
Projected annual growth rate: Nearly 2% (Business Research Insights - April 2024)
In 2020, the Govt of Ireland invested an additional €200,000 in eBooks and eAudiobooks in response to increased demand for online public library service.
The Value of Public Libraries
According to Australian Library and Information Association data:
In 2018 to 2019 there were 1,410 public library branches, 110 million customer visits and 9 million registered library members. Total expenditure on public libraries was $1.33 billion or the equivalent of $52.38 per Australian. Independent studies have shown that for every dollar invested in public libraries, there is a $2.90 return in terms of community benefits.
Business Model and Profit in Digital Lending
It turns out that digital library solutions like OverDrive, BorrowBox, and Libby are being embraced worldwide as a convenient way for book lovers to indulge their reading habits from anywhere.
For major players like BorrowBox, developed by Bolinda Digital, the business model revolves around:
Subscription fees from libraries to access platforms
Revenue from website advertising
Income from additional content licensing
Lockdown Fueled the Digital Shift
What's fueling this digital lending frenzy among libraries? The pandemic lockdowns from January 2019 to December 2021 were a major catalyst. While the use of physical library collections decreased during lockdowns in places like New South Wales, Australia, the usage of electronic collections soared. This upward trend for electronic library materials has continued post-lockdown. (Source: Charles Sturt University, June 2022)
But it's not just circumstantial—these digital platforms also offer inherent benefits for libraries. With limited physical space and budgets, digital lending provides seamless access to a vastly larger catalogue of titles. Not to mention streamlining resource management and remotely reaching more patrons. It's a win-win, really.
As a writer, I can't help but appreciate how digital libraries are making books more accessible than ever before. Nothing warms my heart like imagining little bookworms worldwide-devouring stories on their tablets and smartphones with just a few clicks.
I can’t wait to load up some audiobooks on my Samsung Galaxy and listen on my next run, commute or long drive!
Lessons for Entrepreneurs
So, what can we learn from the digital library renaissance? Here are three key takeaways:
Convenience and Remote Access: Don't underestimate the demand for convenience and remote access, even for traditional services like libraries. If you can make something easier for customers, they'll likely hop on board.
Tech and Digital Trends: Keep an eye on developing tech and digital trends that could disrupt your industry. The library industry adapted by going digital during lockdowns to survive.
Innovative Solutions: With the right innovative solution and business model, you can breathe new life into even the most old-fashioned markets and offerings. Digital libraries have totally reinvented the reading experience while creating new revenue streams.
Identify the Bigger Customer and Opportunity: A clever move from these apps is to sell to the libraries and understand that governments are investing in them for public benefits (library members get free access). This makes me think of Robin Hood—"steal from the rich, give to the poor" (not quite the same, but you get the idea).
Social Good Can Be Profitable: Digital library solutions show businesses can be profitable while contributing to social good. Providing free access to knowledge through public libraries creates a significant social impact, proving profitability and social responsibility can go hand in hand.
Stay Informed and Engaged
Keep an eye out for what's happening in your local area and services. There's plenty of opportunity if you pay attention.
What traditional services can you see going digital or being complemented with a digital experience?
👍 3 THINGS THAT CAUGHT MY ATTENTION
1/ Watch: Introducing ChatGPT 4o
This week OpenAI announced GPT-4o - their “new flagship model that can reason across audio, vision, and text in real time.”
(“o” stands for “omnichannel” - you’re welcome!)
OpenAI says GPT-4o matches ChatGPT-4 Turbo performance when it comes to text in English and code, with significant improvement in text in non-English languages. It's also much faster than GPT-4 and better at vision and audio understanding compared to existing models.
Already available for most plus subscribers, slowly rolling out over the coming weeks for free ChatGPT users.
The announcement was made via a live video demo (which, in my opinion, was a mix of wow and cringe).
Anyways, it’s definitely impressive - the demos that stood out to me were:
Helping a student to learn math (makes me wonder how this will impact teachers and education) and
Acting as a real-time translator. They had one person speaking Italian and the other in English, and chatGPT was able to translate both languages live, aiding both individuals in understanding the other.
I tested the language-translation function in Vietnamese at dinner with my wife and family, and whilst it's not perfect, I can see the potential for the next time I visit Vietnam. This functionality will make travelling a completely different experience for everyone in the near future, so that’s huge.
I also tried translating into the Lao language, but as I expected, it sucked (even Google Translate sucks for the Lao language).
2/ Read: How to Be Great by Steph Smith
I’ve been asking myself lately, “how can I make my book, my writing and my work - great?”
What makes others great?
Many people believe that only those with innate talent can achieve greatness. However, Steph Smith's blog post dives into a different perspective. It shows that true greatness comes from consistent, repeatable habits over time, not just occasional flashes of brilliance.
If you're looking to be great, too, this insightful read is for you.
3/ Listen: How Can AI Help Your Go-To-Market Strategy
Whilst I’m no longer working with HeatSeeker, I’m a big fan of what they’re building. As well as their philosophy and belief in learning in real-time and experimentation.
In this episode of Startup Equity Matters, host Jason Atkins and Kate O'Keeffe, co-founder of Heatseeker AI talk about the importance of testing and learning in real-time with real-life people to launch their go-to-markets faster and to retain more equity in your startup.
🔧 TOOL OF THE WEEK
Scoreapp
Want to attract relevant warm leads, get insightful data, and increase your sales?
Then, you need to stop putting out crappy lead magnets and put out a high-value online quiz (scorecard) instead.
ScoreApp makes building scorecards easy.
PS. If you’d prefer to have someone with experience build your scorecard for you, I offer this service. Hit reply, and let’s chat.
See you next week,
Anf Chansamooth
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