FINANCIAL SUSTAINABILITY THROUGH REVENUE GENERATION IN ACADEMIC LIBRARIES: AN EXPLORATION OF STRATEGIES AND CHALLENGES IN A CHANGING HIGHER EDUCATION LANDSCAPE

Abstract

The paper explores the financial sustainability of academic libraries through innovative revenue generation strategies in the context of a changing higher education landscape. As traditional funding sources such as government grants and institutional budgets become increasingly unreliable, libraries are compelled to find alternative means of supporting and expanding their services. The paper examines various revenue generation strategies like premium databases, providing specialized resources such as 3D printers and video production studios, forming collaborative partnerships, and launching crowd funding and donor programmes. Despite the potential of these approaches, academic libraries face significant challenges, such as a rapidly evolving technological landscape, competing institutional priorities and inconsistent revenue models. The paper highlights the crucial role of entrepreneurial librarians in navigating these obstacles and developing sustainable revenue-generating models that ensure the continued relevance and growth of academic libraries in an era of financial uncertainty. To address these challenges, the paper proposes solutions such as continuous technological training for staff, aligning revenue generation strategies with institutional priorities, enhancing marketing and outreach efforts, developing diversified and scalable revenue models, and improving long-term relationships with donors and external partners. The paper concludes that by implementing these solutions, academic libraries can overcome financial constraints, create stable revenue sources, and continue to support the core functions of higher education.