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Publishers’ panel - Rocky Mountain SLA - November 21st 2002. Miriam Gilbert Liz Haigh Rolf Janke Mary Waltham . Why do publications cost so much?. Where does the money go? Where does the money come from? What are the challenges?. “The doors of wisdom are never shut” Ben Franklin.

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publishers panel rocky mountain sla november 21st 2002

Publishers’ panel - Rocky Mountain SLA - November 21st 2002

Miriam Gilbert

Liz Haigh

Rolf Janke

Mary Waltham

why do publications cost so much
Why do publications cost so much?
  • Where does the money go?
  • Where does the money come from?
  • What are the challenges?

www.MaryWaltham.com

slide3

“The doors of wisdom are never shut”

Ben Franklin

www.MaryWaltham.com

costs fixed and variable
Costs - fixed and variable
  • Fixed costs -
    • Content creation ~ editorial office costs, reviewing ($160 /article), editing ($320/article), SGML, HTML,XML etc
    • Publishing support ~ marketing (3-5% of revenues), ad sales, finance and administration
  • Variable costs-
    • Manufacturing
    • Distribution - print and online
    • Order fulfillment - print and online

www.MaryWaltham.com

first copy and other fixed costs
First copy and other fixed costs
  • Content creation costs incurred whether product is print or online or both
  • Publishing support costs incurred whether product is print or online or both
  • “New” additional costs are incurred as/when print and online become distinct

www.MaryWaltham.com

does publisher size matter source alpsp benchmarking study sept 2002 first copy cost in s
Does publisher size matter?(Source:ALPSP Benchmarking study Sept. 2002 First copy cost in ₤’s )
additional costs of online publication
Additional costs of online publication
  • Copy-editing ~ additional 5%/article
  • “Typesetting” ~ additional 10-20%/article
  • Subscription management ~ additional 10-15%/article
  • Online hosting - varies widely ~$25 -$96+/article/year

www.MaryWaltham.com

other significant cost lines
Other significant cost lines
  • Archiving ~ digitization of content from paper archives
    • $84.46/article (Classic articles in Neurosurgery)
    • $0.27 cents/page for 2.3 million pages (Making of America IV)
    • Typically in the $10/article range
  • Reference linking ~ 0.25 cents per reference say $6.00 per article in the backfile

www.MaryWaltham.com

slide10

“Out of intense complexities intense simplicities

emerge”

Winston Churchill

www.MaryWaltham.com

where does the money come from
Where does the money come from?
  • Business models
    • Print only - almost extinct!
    • Print and online
    • Online only
    • Aggregations
    • “Free”

www.MaryWaltham.com

where does the money come from12
Where does the money come from?
  • Currently three major online revenue lines ~ the price of each has an impact on the others
    • Individual articles
    • Personal/member subscriptions
    • Site licenses and institutional subscriptions

www.MaryWaltham.com

where does the money come from13
Where does the money come from?
  • Additional revenue
    • Author fees/charges
    • Licensing/rights
    • Reprints
    • Advertising
    • e-commerce

www.MaryWaltham.com

not all publishers are created equal
Not all publishers are created equal
  • Commercial publishers ~ whether public or private (in general) must do more than ‘break even’ - shareholder pressure
  • Not-for-profit publishers~ same as above, publications often fund significant other society activities - member pressure or other scholarly publications for University presses
  • Note: Tax base quite different

www.MaryWaltham.com

not all publishers are created equal15
Not all publishers are created equal
  • In general commercial publishers launch more new products than not-for-profits, examples include product “twigging” and also new product lines
  • New product launches ~ in general do not expect to break-even for five years sometimes seven to ten e.g.a major reference work
  • Investment pay-back ~ 8 + years

www.MaryWaltham.com

not all publishers are created equal16
Not all publishers are created equal
  • Most publishers aim to do for their customers what they cannot do for them selves
    • Peer review
    • Quality control
    • Efficient, effective and timely distribution
    • Aggregation of online information thus common online interfaces
    • Create and build new online products ~ opportunities to support users are vast

www.MaryWaltham.com

mergers and acquisitions
Mergers and acquisitions
  • Scholarly publishing market considered a ‘target buy’
  • Note: Kluwer Academic Publishers sold for Euro 600 million which is 4 times annual sales, and an estimated 13 times operating profits
  • More to come …what will be the outcome for the library market?

www.MaryWaltham.com