this post was submitted on 24 Aug 2024
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Why are we looking at revenue? We don't know the operating costs. What are the profit margins?
According to Wikipedia, in 2022 Elsevier's revenue was 2.909 billion pounds and their net income was 2.021 billion pounds.
Not going to bother looking up the rest.
There's a much more accurate stat... and it's disgusting
Alright but look at how much they pay the authors. What other business pays ZERO dollars for their core product?
None, but science isn't a business. Treating it so creates perverse incentives where an articles is reviewed by merit of its financial gain and not its content. Some people already do this by prestige alone, but adding money to the mix won't improve this imo
So it's acceptable for Elselvier et al to milk academics blind? At the minimum, authors should not be charged.
No, but ideally all publishers should operate not-for-profit, and yep submission for open access should not cost ridiculous fees.