South Carolina Public Library Economic Impact Study - Illinois

Measure 3: Value of the loans of books, videos, and other materials to library usersPurpose: To estimate, using the best methods developed by researchers, the valueof the library materials used by users of SC public libraries.Method: Researchers (see Sumison, et.al. (2002) and Morris, et.al. (2001a)) haveshown that users of public libraries are willing to pay approx. ½ to ¼ of the priceof a book or similar items (videos, magazines, etc.). 1Calculating Formulas:(1) Books: using 50% of the 2001 average price of hardbacks and trade paperbooks of $10.00 (at $5.00 per item) results in: (total circulation of juvenilebooks + total circulation of adult books) * $5.00• Sum total for all public libraries: $64,415,630• Library System Minimum: $65,635• Library System Maximum: $12,000,000• Library System Average: $1,657,683(2) Non-print materials (video, etc.): using the average 2001 price for tapecassettes, compact disc and VHS cassette of $35.00, ¼ =$8.76, results in:(total circulation of juvenile non-print materials + total circulation of adultnonprint) * $8.76• Sum Total for all libraries: $24,071,990• Library System Minimum: $0 (reflects no report for this library)• Library System Maximum: $7,829,075• Library System Average: $617,231(3) Magazines and newspapers: take the 2002 average subscription cost ofmagazines and newspapers ($200.00) and multiply times the number of1 Note: a recent study by the NY State Library Regional Library system (nicely displayedin effective flyers and a Web page at: http://www.nysl.nysed.gov/libdev/stackup.htm )used cost figures as follows: Books: $25.00; Magazines (one issue): $10.00; AVmaterials: $25.00; other materials: $25.00; Reference questions (adult and juvenile):$40.00; ILL: $25.00. This study was done using data from the regional library systems(about 15) in New York state. These regional libraries exist to serve individual,independent libraries in their region. The brochure/Web page they have developed fromthis study reflects the economic impact (which they term ROI—return on investment) ofthese regional libraries in New York state. Thus, while they are not exactly parallel withthis study of individual, independent public libraries, the concepts they use do appear tobe useful.South Carolina Public Library Economic Impact Study 58