According to a study, libraries in England generate around £3.4bn annually. And this earning comes through services supporting children’s literacy, health, and digital inclusion. According to the report, a brand library provides around £1m worth of value, depending on activities and volumes undertaken.
Libraries’ ROI (return on investment) may be at least six times their annual operating cost.
Here’s a quick breakdown of the values:
- Digital inclusion – £379 per participant. This assumes that participants keep securing employment within two years after using the services
- Health – Between £244 and £60,000, based on the intervention
- Literacy programs – £279 per participant in any program
- Mobile library services – £49.70 per participant, and high total value because of high participation
Besides financial analysis, the report, which involved interviewing library users and librarians, finds that libraries are highly responsive to community needs. The report also highlighted the value of library infrastructure in addressing some of the challenges faced by the society. John Gordon, who led the research project, says that their team has developed an interactive tool to estimate monetary values of library activities based on commercial rates, taxpayer savings, and projected monetary impact on library users. Library staff can use this tool to provide services actively.
Another key finding of the research is that an average of two persons an hour visit a library to avoid social isolation. This finding comes from behavioral clues such as long reading time with little page-turning, shelves browsing without actually borrowing or reading, taking with library staff, etc.
The project was funded by library services in the east of England and secured £30,000 from Arts Council England (ACE). According to the latest figures, there are 2,581 public libraries in England.
Navkiran Dhaliwal is a seasoned content writer with 10+ years of experience. When she's not writing, she can be found cooking up a storm or spending time with her dog, Rain.
