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Relx/librarians: silent witness | Financial Times


Librarians are unlikely rebels. But for a growing number, whispering “shush” is now no substitute for tearing down paywalls. University of California Berkeley says “depriving” people of access to publicly-funded research is “terrible for society”. Such revolutionary fervour played badly with investors in Relx, the UK information giant. The UC’s cancellation of its $11m (£8m) subscription knocked £2.3bn off Relx’s £33.9bn worth last week.

The loss is tiny in relation to its £7.5bn of sales. But a principle is at stake. UC wants its researchers’ work to be available to all, without cost to the reader. The publisher wants them to pay for the privilege, on top of subscribing to its journals.

Relx, formerly known as Reed Elsevier, is likely to believe that giving in to UC would risk revenues and renewals. UC is not alone in its demands. Brussels has floated a controversial plan to force publicly-funded researchers to use open access journals. Free access is a “moral right”, the commission said.

Publishers say they are happy to offer open access, where the author, not the reader, pays. But they charge a hefty sum of as much as $5,000 for editing, disseminating and organising peer reviews of papers. The rapid adoption of the open access model makes little difference to margins of the likes of Springer Nature and Informa. It also benefits cash flow, John Wiley said on Wednesday. Unlike Relx, it has agreed a deal with German universities where they can read and publish for an annual fee. But Wiley says the close connection between state and universities in Germany might limit its spread.

Arguments about open access have rumbled for years. Publishers will not be forced to give way overnight. Relx shares have clawed back some of last week’s loss and are now trading at 18 times next year’s earnings — in line with the five-year average. The top publishers get some protection from the prestige of their journals and the growth in research. But lofty operating profit margins will come under mounting pressure. University librarians will not give up the fight. It is always the quiet ones you have to watch out for.

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