Assessing Real-World ROI: Tracing the True Value of Open Access Publishing

At the 2024 OASPA conference, I moderated a panel session titled “Assessing Real-World ROI: Tracing the True Value of Open Access Publishing,” which brought together a diverse group of industry experts, including publishers, technology and infrastructure providers, consultants, and funding agency representatives to explore multiple perspectives on how we define and measure impact today, and what investments need to be made to build a deeper understanding of the long term ROI for OA.

I was joined by panelists:

  • Rhodri Jackson | Director, Open Access Publishing + Strategy at Oxford University Press
  • Manisha Bolina | Senior Partnerships Manager at BMJ Analytics
  • Tasha Mellins-Cohen | Executive Director at COUNTER, Founder of Mellins-Cohen Consulting
  • Blessing Mawire | Program Lead - Countries at Research4Life, Partnerships Coordinator at the Council on Library and Information Resources
This blog shares some of the key messages from my introduction to the discussion.

OA Investment

While Open Access publishing offers the promise of widespread dissemination and democratization of knowledge, it also comes with a cost. The practical considerations of return on investment (ROI) remain a pressing concern for authors, institutions, funders, and publishers alike.

According to DeltaThink’s Open Access Market Sizing sneak peek, published in 2024, OA content accounted for 48% of all scholarly articles in 2023. Also according to DeltaThink, in 2023 the overall market sizing of the scholarly publishing market was around $10.8 billion. The 2022 DeltaThink OA Market Sizing put OA at a non-proportionate amount of revenue share compared to article share, with OA business garnering about 15% of revenue, for that year, around $1.6 billion.

It was estimated in 2022 that this would grow to near $2 billion in 2024. Given market slow-downs in ‘23, we can conservatively put overall OA market share a bit below that, and in order to work with a round number, let’s say there’s $1.75 billion of OA revenue in the market. As that revenue is directly tied to APCs paid and deals meted out with institutions, we’re looking at a $1.75 billion investment in global open access, which doesn’t even cover intangible and incalculable investments in the initiatives, infrastructure, services, and technology that makes open access publishing possible

Measuring ROI

So how does one calculate return on a $1.75 billion investment? Is it from the perspective of mission? Of money? Of stakeholder benefits? Indicators likewise vary widely in terms of measuring how investments in open access were ‘worth it.’ These include:

  • Increased article usage
  • Expanded global footprint of article usage
  • Increased article citation
  • Increased mentions in policy
  • Increased mentions in patents
  • Increased mentions in news/social media
  • Indicators of societal impact
The panelist presentations and discussion following this scene-setting covered topics like:

  • Impact Metrics: What are the the validity and limitations of the metrics detailed above in capturing the true scholarly value of OA works?
  • Societal Benefits: What are the broader societal implications of OA? This includes the potential for increased public engagement, influence on policy and practice, and the contribution to global research equity. To what extent should these factors should be integrated into ROI calculations?
  • Stakeholder Perspectives: The stakeholder ecosystem in OA publishing is complex. So how do different players perceive and assess the value of OA, and how do we align the interests of readers and tax-paying public, in addition to authors, institutions, funders, and publishers in the valuation process?
  • Future Directions: As we look to the future of OA, what are the emerging trends and innovations that may redefine the assessment of its value? These included new models of OA funding, collaborative platforms, and policies that could further influence and improve the ROI of OA publishing.
Our hope is that in delivering practical tools and frameworks for evaluating the efficacy and impact of Open Access initiatives (such as our own Sensus Impact), we can help to foster a nuanced understanding of OA's value proposition, equipping stakeholders with the knowledge to make informed decisions and strategic investments in the future of scholarly publishing.

 

Further reading:

  • Stay up to date with Research4Life's efforts to expand the reach and impact of research within and created by traditionally underserved geographies here
  • COUNTER 5.1 seeks to create standardized ways to look at OA usage, read more here
  • The BMJ Group assess impact for all of their product investments - check out their most recent impact analytics tool here
  • OUP's investments in novel ways to look at impact metrics can be seen in action on Sensus Impact

References:

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