Because libraries don’t have an endless budget.
If the library wants five physical books that they want people to be able to check out at the same time, they have to buy five books.
And, if they want five audiobooks that they can lend out at the same time, they have to purchase five licenses.
Yes, the technology makes it easy to copy the files and lend them out, but that doesn’t make it *legal*.
Let me put it this way: if you wrote a book, and the New York Public Library purchases one copy of the audiobook, and had 10,000 copies checked out at a time, but you only got paid for one… would you be OK with that?
Most authors wouldn’t. Most people like to be paid for their work.
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