The courts agreed

https://www.reddit.com/r/technology/comments/123w5e6/publishers_beat_internet_archive_as_judge_rules/

A few mega corps and influencer wannabes will invest in the checkmark, but getting a majority of your base to pay $8, enough to become profitable will not happen on a social media platform. An alternative to twitter will be made and everyone will migrate to the new platform. It's basically myspace happening all over again.

Among other things, publishers argue that the organization is a commercial operation that’s received affiliate link revenue and has received money for digitizing library books. In a response, the Internet Archive says it’s received around $5,500 total in affiliate revenue

While I think preserving knowledge is a noble goal I cannot possibly see how the Internet Archive can win this one. They are not simply scanning books for preservation but

> As physical libraries closed their doors in the first months of the coronavirus pandemic, the Internet Archive launched what it called the National Emergency Library, removing the “own-to-loan” restriction and letting unlimited numbers of people access each ebook

previously they were lending 1 digital copy for each physical copy they owned creating a gray area of book lending. But unlimited lending without having rented or owning the physical copies is piracy.

On top of that they actually profit from ads on the site, so the publishers are also using those profits to strengthen their case.