An article in the WSJ describes some ways that elite universities are cutting back as markets continue to slump. Of particular note:
The university is restructuring and consolidating its library system and has told faculty that subscriptions to academic journals, some costing as much as $40,000 a year, are “financially untenable.”
If Harvard is dropping journals then the future of the academic publishing market is seriously in doubt. The market has long profited off of free labor and the need of professors to publish their work. This could be another industry whose economics are drastically altered by the IT revolution.