PwarYuex said:
You have to remember that most revenue of most journals is taken in by library and other institution subscriptions. From a financial point of view, this is not going to dent the journals, as they will all continued to be subscribed to.
Furthermore, it's been shown that even if things are freely available, people will still want to subscribe to/pay for them - eg newspapers and magazines which have content free online but still enjoy huge hard copy and subscription sales.
It's really interesting from a psychological point of view - mass media companies were really anxious about their sales with the advent of the internet, but people still do pay for hard-copy stuff.
Academic libraries don't pay for hard copy journals much anymore. Hard copy takes space, and library space is expensive. Too expensive for a journal which may sit on a shelf for a decade before being borrowed.
Most academic libraries subscribe the to full text databases of the major journal publishers (paying maybe $20K pa per publisher). The academic libraries in Australia collaborate to ensure that there's one hard copy of particularly important journals available for inter-library loan, just in case the publisher goes broke.
For the past thirty years the academic journal publishers have been rorting universities. They get their inputs for free -- papers, peer review and editorial -- authors have to pay to get their papers published (the "author subsidy"), and publishers get to charge mightily for their outputs (eg: US$665pa for NEJM to an individual, US$50K for a large uni).
The rort to the taxpayer is even higher. They've paid for the research, they pay to publish it, and they have to pay again if they want to read the results.
The Open Access movement's objective is that publications are free, so that all people can read the results of research; that is, all people can participate in science and technology, which is such a key part of our society.
Archives such as Macquarie's are important to this end. Rather than pay squillions to a full text database, you can simply use Google to find the full text of the paper. Although let's not credit MQ too much, as they're rather at the tail end of the movement and were given Research Quality Framework funding to establish the archive.
Pioneers like QUT faced strong opposition, had to fund their archive themselves, and actually lost some government funding (because some high-status journals didn't allow any copies of the paper other than that in the journal, so QUT academics had to publish in lower-status journals, and the research funding formula punished them for publishing in those lower status journals).
Also important are new journals, based on the principles of Open Access. The Public Library of Science journals are notable. These are full peer-reviewed journals. But they are are published to a free-to-use web site rather than on paper.
Of course, if you buy into the "psychology of paper" argument, you can always print the paper from the website. In practice, printing from the website is more convenient than photocopying a paper journal, which used to be the way to get a private copy your could underline, write marginalia, and keep.
Finally, journals are becoming less important. It takes three years to get a paper published. In some fields that is a lifetime. Literally. The medical response to the HIV pandemic was compromised by the unwillingness of JAMA and NEJM to publish HIV-relevant papers within a timeframe where the papers could be useful to other researchers.
These days, science is increasingly done through "preprints" -- researchers submit their paper to a journal and simultaneously put it on their website. There are "journals of mention" rather than "journals of record", there are mailing lists, forums, blogs, and so on. Conferences have become a lot more important, especially as conference papers are peer reviewed. An annual conference will turn around a paper in about five months; that is, 20% of the time of a journal.
In short, the traditional journal is dead.
And yeah, the for-profit publishers of journals and full text databases are upset about their gravy train coming to an end.