Libro.fm Becomes Social Purpose Corporation

Here’s the latest news from audiobook provider Libro.fm:

To deliver on its mission and anchor its commitment to bookstores in 2021 and beyond, Libro.fm has announced it is now a social purpose corporation. This designation allows Libro.fm to pursue both social and financial goals in the for-profit context. In other words, Libro.fm is able to make decisions on the basis of what is best for its customers and bookstore partners vs. decisions solely focused on maximizing profits. 

Read the 2020 Social Purpose Annual Report, which summarizes the impact Libro.fm customers made in 2020, including the milestones noted below: 

2020 at a glance

January: Launched Bookstore Link, a search platform linking directly to local bookstores’ websites for purchasing print books

March: Raised $89,131 for 724 bookstores that had been affected by COVID-19

April: Hired 11 unemployed or underemployed booksellers to work at Libro.fm amid COVID-19 store closures

May: Donated $28,731 to Binc through #SocksForBinc, a partnership with artists creating custom, literary-themed socks

June: Delivered $67,462 to Black-owned bookstores in celebration of Juneteenth

July: Gave 5,000+ antiracism audiobooks to customers for sharing with friends and family in order to start important conversations

August: Became a social purpose corporation

Celebrated Independent Bookstore Day with customers submitting videos about what bookstores mean to them

November: Launched shoplocalbookstores.com as a resource for those looking to support local bookstores

Garnered $171,585.51 in revenue at local bookstores with our Thanks for Giving offer

December: Raised money for Binc through a merchandise partnership with award-winning author and illustrator Jon Klassen

Netted a total of $63,720 from sales of audiobook gift memberships for bookstores during the holiday season  

Libro.fm is fully integrated with IndieCommerce, and a co-branded storefront is fast, free, and easy to set up. For more information about creating a storefront, contact [email protected].