A significant amount of the acquisition budget of a typical university library is spent on subscriptions to scholarly journals.
Conclusion
In most cases, publishing a scholarly journal must be more profitable now than several years ago.
Evidence
Over the last several years, the average subscription rate libraries pay for these journals has gone up a bunch, while the costs of publishing the journals have remained constant.
Evaluation
Given that the average revenue per subscription is higher than before, but the costs per subscription are the same, how could we resist thinking that they're more profitable?
We should be very careful with Relative concepts like average / percent / ratio / fraction, and always ask ourselves, "What about the real numbers?
If the journals used to be $50 / subscription but now they're $60 / subscription, are we definitely making more money?
Only if we're still selling as many subscriptions (technically, as long as we're selling more than 5/6 as many subscriptions in my example but LSAT would never get that mathy).
Goal
Look for an answer saying that they're not selling as many subscriptions as before.