Open Access News

News from the open access movement

Thursday, February 19, 2004

Reed Elsevier has record profits, responds to OA

Patrick Barrett, Reed revels in bumper profits, The Guardian, February 19, 2004. Excerpt: "Anglo-Dutch publisher giant Reed Elsevier enjoyed its most profitable year ever last year, recording profits of more than £1bn for the first time....Turnover for 2003 increased 1% to £4.925bn and the group reported strong growth from its science and medical business, where revenues were up 8%, and in its legal unit LexisNexis, where revenues rose 3%....Reed Elsevier executives are unlikely to be celebrating for long though. With growing interest in a new system of publishing scientific research papers called 'open access', where scientists pay for their work to be published and in return receive free access to journals, the company's lucrative scientific publishing business is being challenged....In a joint statement the Reed Elsevier chairman, Morris Tabaksblat, and the chief executive, Crispin Davis, said they saw no need to change. 'We remain firmly of the view that, whilst the market will always accommodate a variety of different initiatives and funding approaches, subscription-based journal publishing is the most effective and efficient way to deliver to researchers a huge volume of high quality peer reviewed research. We will however continue to monitor initiatives such as the 'author pays' publishing model and assess how effectively they serve the needs of the scientific and research communities.'"