Well, physical lending and electronic lending are not directly comparable. * It's challenging to copy physical items (you have to photocopy every page which fe

Well, physical lending and electronic lending are not directly comparable. * It's challenging to copy physical items (you have to photocopy every page which few people do) and you can't do it verbatim (you can't make a 'clone' of the book, it will always be an inferior reproduction). It's more straightforward to remove DRM, and you then have a 1:1 unrestricted copy. * Library books deteriorate with use and get lost, meaning there will always be the possibility for further revenue, particularly with popular items. * Physical lending is not governed by software interlocks; software which may not be capable of being inspected or audited by the publisher.