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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 l.jpg

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

Miriam Gilbert

Liz Haigh

Rolf Janke

Mary Waltham


Why do publications cost so much l.jpg
Why do publications cost so much? 2002

  • Where does the money go?

  • Where does the money come from?

  • What are the challenges?

www.MaryWaltham.com


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“The doors of wisdom are never shut” 2002

Ben Franklin

www.MaryWaltham.com



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Costs - fixed and variable 2002

  • 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


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First copy and other fixed costs 2002

  • 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


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Does publisher size matter? 2002(Source:ALPSP Benchmarking study Sept. 2002 First copy cost in ₤’s )


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Additional costs of online publication 2002

  • 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


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Other significant cost lines 2002

  • 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


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“Out of intense complexities intense simplicities 2002

emerge”

Winston Churchill

www.MaryWaltham.com


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Where does the money come from? 2002

  • Business models

    • Print only - almost extinct!

    • Print and online

    • Online only

    • Aggregations

    • “Free”

www.MaryWaltham.com


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Where does the money come from? 2002

  • 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


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Where does the money come from? 2002

  • Additional revenue

    • Author fees/charges

    • Licensing/rights

    • Reprints

    • Advertising

    • e-commerce

www.MaryWaltham.com


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Not all publishers are created equal 2002

  • 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


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Not all publishers are created equal 2002

  • 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


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Not all publishers are created equal 2002

  • 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


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Mergers and acquisitions 2002

  • 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