Quadruple dipping because they publish both open access journals that authors pay extra for, plus the standard subscription journals where universities need to pay for access too. Subscription obviously never got cheaper, no matter if the amount of open access journals increased (didn't check that though, but fits well into the scheme)
I'm still not sure, what exactly the journals are actually doing.
Like, in all seriousness, what service do they provide? Just hosting the platform for anonymized reviews and basically a blog for the actual articles? That should cost maybe a few millions each year, yet this sector makes billions in revenue.
They offer reputation. Career advancement is highly dependent on publication history and impact. Getting into a prestigious publication means your work will more likely be read and cited. Because highly reputable journals can charge high publication fees (because it's in such high demand), they get to set the industry norm, which other less reputable journals/publishers get to follow. It does cost money to develop and maintain that reputation for rigour and impact (i.e. good science). But yeah it's exploitative AF. There are attempts for less profit-motivated publications... But making those rigorous while still being democratic is hard
You will transfer the economic copyright to most journals upon publication of the typeset manuscript meaning that you're not allowed to publish that particular PDF anywhere. However, a lot of journals are okay with you publishing the pre-peer reviewed article or even sometimes the peer-reviewed, but NOT typeset article (sometimes called post-print article). Scientific publishing is weird :-)
Honestly it's crap like this, and the constant need to write grants, worry about funding, and crank out papers like there's no tomorrow is why I ended up just going into industry instead.
Don't get me wrong, I love science and scientific advancement, but the current system of publishing is super broken. What if you're a civilian researcher who doesn't have access to the big name journals? Well then be prepared to pony up $50/article.
If you paywall publication and peer-review, you suppress a huge amount of science that doesn't have the kinds of checks that corporate sponsorship and review introduce. This means studies of things like the dangers of CFCs, smoking, microplastics, thalidomide, and countless other things that'll kill you will never see the light of day.
Chiming in with barely any knowledge on the topic.
Universities are massive institutions, with serious cash behind them. What the hell is stopping, say, all the public Australian universities just setting up their own journal, running it at cost for all the universities in Australia?