Reading is a great way to spend time together. Your kid will ask questions learn words, language, colors, numbers, concepts etc. and you'll both have an awesome time.
Favorite books will be read frequently, but even favorite books get old. Buying, borrowing and finding your old books are good ways to get variety into your active library.
Reading is good entertainment for tough days while eating, being together, it's good for traveling as well and especially good for bed time stories and setting up a familiar ending for every day.