Nature article on PLoS finances
Declan Butler, Open-access journal hits rocky times, Nature; Published online: 20 June 2006
Excerpt:
The Public Library of Science (PLoS), the flagship publisher for the open-access publishing movement, faces a looming financial crisis. An analysis of the company’s accounts, obtained by Nature, shows that the company falls far short of its stated goal of quickly breaking even. In an attempt to redress its finances, PLoS will next month hike the charge for publishing in its journals from US$1,500 per article to as much as $2,500.
…The figures show that PLoS lost almost $1 million last year. Moreover, its total income from fees and advertising currently covers just 35% of its total costs. And although this income is increasing - from $0.75 million in 2003-04 to $0.9 million in 2004-05 - it lags far behind spending, which has soared from $1.5 million to around $5.5 million over the past three years.
To stay afloat, the firm continues to rely on the philanthropic grants that launched the project: $9 million from the Gordon and Betty Moore Foundation and $4 million from the Sandler Family Supporting Foundation, both based in San Francisco (see table image). These covered 65% of the company’s operating costs last year, but are running out: at the end of last September, PLoS had assets of $3,393,265.
Read more at: http://www.nature.com/news/2006/060619/full/441914a.html
