Tuesday, April 19, 2005

Multiple streams of income

That phrase was used last week at a conference that was unrelated to digitization. However, I wonder if that phrase should be considered by digital libraries and digitization programs? We often think about funding an initiative (in the beginning) with grants and in-kind contributions. Later, we look to the budget, and perhaps other sources, to keep a program going. But what if we thought about multiple streams of income up front when planning a digitization program or digital library?

Income?! Yes, somehow the program must pay for itself, especially after the initial funding goes away. How about we think in terms of income. How will this program generate income? How will it generate enough income to cover its costs, if not more? Could you:
  • Sell content?
  • Create a subscription service that provides something additional that users would pay for?
  • Use what you learned to create workshops to teach others?
  • Create a book (or e-book) based on the content and sell that?

None of those? Is there something else you could do to generate income from your programs? Take time over your morning coffee to ponder that and let me know what you come up with!


Fayetteville Library said...

Roy Tennant's "Managing the Digital Library" came from his blog so, the book idea works. I bought the book even though I could have read it online

Mitch said...

Multiple streams of income is definitely all over the place, and I agree with you wholeheartedly that in this day and age of government looking to reduce funds to non profits, all entities should be looking to find other ways of making money. Kind of reminds me of the Everson Museum's art store, which is suddenly making a profit by changing up how and what they're selling.

business opportunity said...

You gave me an interesting idea. Thx.

Steve @