The most obvious place for librarians and libraries in the long tail would seem to be as New Tastemakers. Tastemaking, after all, has always been a big part of the job. However, librarians have typically done this from a position of authority relative to the patron (if an advanced degree isn't a marker of authority, I don't know what is). New Tastemakers don't generally have the benefit of a degree: they tend to be hobbyists and enthusiasts who has studied a subject in depth for the love of it. For librarians to succeed in this new world, they will have to lean less on the assumption that they know more by virtue of their training and education. Instead, they will have to play up their own specialized interests (but let's face it, librarians tend to be people with interesting hobbies!).
Being New Producers seems straightforward enough. With the technological tools now available, it's easy for libraries and librarians to put up blogs, wikis, podcasts, Flickr streams...the whole nine yards. With the push toward open source software, libraries can even roll their own OPACs and other computer infrastructure without being limited to expensive proprietary software.
In terms of New Markets, I think one has to think of library systems as a large group, not as individual institutions. Inter-library loan is already a way in which this happens. What may ultimately happen is that libraries may build their collections as part of a whole that is held by a consortium. This could be a good way to build a more complete collection in a way that uses limited funds more effectively. Of course, some books will need more copies because they're more popular, but this might be an effective way of stocking a larger number of books with a smaller demand.
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