“Taylor & Francis has reported a 5% increase in revenue to £559.6m for 2019 (2018: £533.2m), with underlying revenue growth of 2.4%. Adjusted operating profit rose 10.5% to £218.1m (2018: £197.4m), an underlying rise of 3.6%.
Parent company Informa said Taylor & Francis had benefitted from “solid subscription renewals, strong momentum in Open Access and steady performance in advanced learning products” to deliver “robust” underlying revenue growth while positive currency tailwinds contributed to higher operating margins….”
“Time may be running out for the Public Library of Science (PLOS).
The San Francisco-based, non-profit open access (OA) publisher released its latest financials, disclosing that it ran a US $5.5 million dollar deficit in 2018 on $32M dollars of revenue. In order to cover this loss, it dug deep into its savings and sold off nearly $5M in financial investments.
This is not the first time the publisher spent more than it earned. Indeed, the last time PLOS made surpluses was 2015, when it had $30.6M in the bank. By 2017, PLOS’ savings had been cut nearly in half to $17M, and fell again to $11M in 2018. At the same time, 2018 salaries and other employee compensation went up by $1.8M (8%) from 2017, despite publishing 11% fewer papers….”
“Also the statement that potential profits are used to benefit science seems legitimate, but what exactly do we really know about the business model of learned societies and their journals? To answer these and other questions ScienceGuide spoke with editors and publishers deeply involved with the business of learned societies, and asked them about the value of learned society journals, and what they know about the underlying business model….
Van Ommen starts out to say that he is totally on board with open access, “but Plan S is reckless and ill-conceived.” ….
A similar line of reasoning moved the International Society for Stem Cell Research (ISSCR) to seek out the commercial publisher Elsevier as their partner for a newly launched journal. Former president of the Royal Academy and current president of the (ISSCR) Hans Clevers was involved in the negotiations with the publisher on launching the open access journal Stem Cell Reports….
All of this provided a perfect opportunity for commercial publishers to either co-opt or completely take over these society journals. In 2004 a survey by the Association Learned & Professional Society Publishers found an estimated half of the learned society journals, especially the smaller ones, were run by third party commercial publishers. A 2013 also found that most of the learned societies have little information about how their income is derived….
Fletcher is somewhat baffled by the fact that learned societies don’t know about the full picture behind the business model of co-publishing. …
Although the level of detail in the annual reports of learned societies is too low to get a good estimate on costs and benefit, Kramer is positively surprised by the level of transparency. “If you’d want to have an overview like this for most commercial publishers you’d have a very hard time.” She points out that under Plan S journals are urged to be even more transparent on the way in which costs are derived. “Hopefully we’ll get an even better insight into the cost model of publishers.”
In the revised implementation of Plan S transparency is still a key conditional for compliance. In a previous interview with ScienceGuide president of the Dutch research funder NWO Stan Gielen indicated that in order to comply with the Plan S requirements journals would have to be upfront on how their APC is compiled. “We’re not going to require full transparency from every journal, but if an APC is ludicrously high, we’ll definitely ask questions about their business model.” …”
“Traditional academic publishing has been rumoured to be imperilled for decades now. Despite continued criticism over pricing and a growing open access movement, a number of recent reports point to the sector’s resilience. Francis Dodds suggests this is partly attributable to the adaptability of academic publishers but also highlights attitudes of researchers surprisingly committed to the status quo as another key factor. However, other aspects of researcher behaviour may prove more disruptive in the long term, with greater collaboration leading to the growing informal use and exchange of free material between researchers….”
“We suggest that the academic publishing industry is as resistant to change as the music publishing industry was. But the music industry lost its ability to protect the status quo of excessive profits through sustained assault by people who used the latest technology to distribute music through alternative channels. Once it became easy to access music for free (albeit by means of questionable legality), the price of supply through legitimate sources had to fall. And fall it did, without obvious deleterious effects on the production of music itself. We do not suggest that people engage in outright piracy of academic works, not least because the penalties for perpetrators can be severe. But it may be that we could be more sympathetic to the ‘trading’ of academic knowledge, just as the Grateful Dead allowed people who made tapes of their concerts to trade them on a not-for-profit basis (Fraser and Black, 1999): ‘the legally regulated world of intellectual property rights and copyright enforcement actions is replaced by a self-regulating enterprise in which commercial interests do not influence the values of the group or subculture’ (Fraser and Black, 1999, p.33). Thus it is that doing nothing to prevent the trading of electronic copies of our academic work could act to circumvent the perils of engagement with the academic publishing industry.”
[For the background controversy surrounding this piece, see the June 5, 2014 article in Times Higher Education.]