Comment by shellac

Academic publishing is _notoriously_ profitable. Authorship and the bulk of the editorial process is done by others for free, and these days you often aren't even creating a physical copy. Their overheads are really pretty minimal. What the money (subscriptions and / or APCs) gets is the kudos associated with the publication.

It is reasonable to say: well if they aren't providing anything of value then the market ought to bypass them. The reality is that the publishers have been very canny in protecting their position, and sharp practice is rife.