NPR did a good and brief piece on digital lending economics which also talks about how those economics are different from physical lending. Libraries license materials, and the license for a physical book will typically last as long as that book can be circulated(basically until it falls apart).

I've started going to the library more often(and using Libby for e-reading), they might not have the exact book I want, but there is always something I am interested in there.

https://www.npr.org/2022/08/18/1118289764/the-surprising-eco...

> Libraries license materials, and the license for a physical book will typically last as long as that book can be circulated(basically until it falls apart).

Libraries buy books, which are then covered by first sale doctrine. When a library book falls apart, the library may rebind it and continue lending it.

I have not checked out a physical book in several years, but I use my library card to rent digital media (primarily audiobooks) all the time.