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The Public Pays to Produce Research. Shareholders Collect the Return

sparcopen.org29 points18 comments
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Two independent studies produced with the University of Sydney and released via SPARC develop a new accounting method that quantifies the public resources invested into a research article before any publisher is involved. The approach tallies costs across idea formation, grants, ethics approval, data collection, analysis, writing and revision, and is available as a free online calculator. Applied conservatively to one social-science article at a U.S. public doctoral university, the pre-publication cost is roughly US$70,000, and comparing that to independent estimates shows that over 95% of the total investment in a published article typically comes from public sources prior to submission.

A companion analysis tracks RELX (Elsevier), Informa (Taylor & Francis), Springer Nature and Wiley from 2005-2025 and finds academic publishing arms were more profitable than their parent companies in 68 of 69 company-years. In 2025 those divisions reported operating margins of 24-38%; combined operating margin for the largest publishers rose from 14.9% to 27.5% over the period. Between 2005 and 2025 the four returned about US$38.8 billion to shareholders (RELX alone returned US$30.8 billion), illustrating how substantial public investment in research is converted into private shareholder returns. The studies argue these returns divert funds from research and open infrastructure and urge rights retention, deposit in open repositories and support for community-owned publishing.

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