For instance, I know this is Canadian so different jurisdiction but here is an example of one: https://montreal.ca/en/services/digital-book-loans
They have contracts with publishers, they lend out only the licensed number of copies, and they pay a lot for the privilege.
IA lent out infinite copies simultaneously, pays nothing and actively denied to even talk to publishers (and authors).
For instance, I know this is Canadian so different jurisdiction but here is an example of one: https://montreal.ca/en/services/digital-book-loans