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ERIC Number: EJ839623
Record Type: Journal
Publication Date: 2009-Apr-15
Pages: 5
Abstractor: ERIC
Reference Count: N/A
ISSN: ISSN-0363-0277
Reality Bites: Periodicals Price Survey 2009
Van Orsdel, Lee C.; Born, Kathleen
Library Journal, v134 n7 p36-40 Apr 2009
As waves of grim economic news wash over state and federal governments here and abroad, libraries of all types and sizes are bracing for budget cuts the likes of which have not been seen in three generations. Unlike most financial crises, this one is ubiquitous, with all but a handful of states in the red and getting redder. Globally, the meltdown is playing havoc with currencies, and the cost of journals priced in currencies other than the pound, the euro, or the U.S. dollar have skyrocketed. Severe losses in endowment revenue, which in the past insulated materials budgets to a degree, have left even larger and wealthier libraries facing cuts. A number of librarians expect the budget cuts to be permanent; others say funds will rebound, but the recovery will take years. Even if the recession is less severe than feared, experts say not to expect relief before 2012. In journals parlance, that's three renewal cycles from now--more than enough to stress publishers without deep reserves. For an industry that is already in the throes of reinventing itself, this recession will hit hard. Despite stronger than expected 2009 renewals, the outlook for FY10 is so bleak that libraries and consortia have already begun invoking financial hardship clauses and asking to renegotiate licenses for bundled content midterm. In an unprecedented move, the International Coalition of Library Consortia (ICOLC) issued a statement to publishers in January warning that double-digit budget cuts over the next few years are expected and calling for creative strategies from publishers who want to keep their business. The Association of Research Libraries (ARL) followed with its own statement in February, underscoring the need for publishers to take this crisis seriously. This year's Periodicals Price Survey will look at these and other issues shaping the journals marketplace. Three Institute for Scientific Information (ISI) databases--Arts and Humanities Citation Index, Social Sciences Citation Index, and Science Citation Index--provide the titles used in the study. (Contains 9 tables.)
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Publication Type: Journal Articles; Reports - Descriptive
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Identifiers - Location: Africa; Asia; Australia; New Zealand; North America; South America; United States