Here is another instance of the disruptive nature of digital technology.

The Economic Case For Open Access In Academic Publishing

As hyperbolic as it may sound, academic publishing is the curator and guardian of the accumulated scientific knowledge of the human race, 1600 to present. It is also a cornerstone of modern science, preferentially selecting well-executed research through the peer review process. However, academic libraries are facing decreasing budgets, and even highly ranked universities are having to cut back on journal subscriptions. Since these subscriptions account for up to 75 percent of publishers’ revenues, the entire system is feeling the pressure of the economic crisis.

But that’s not the only source of strain. As content migrates to the Web and becomes increasingly difficult to control, the “walled garden” subscription business model used by the publishing industry is facing the same issues as other major content providers. This article examines the academic publishing industry and looks at the impacts of business models from both an academic and economic standpoint.

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Ars Technica