A few of society journals are doing fine. They are funded by the societies and societies either outsource actual production to the publishers for pay but retain

A few of society journals are doing fine. They are funded by the societies and societies either outsource actual production to the publishers for pay but retain copyright ( and strong arm readers into paying for society membership as the condition of accessing the journal or make authors pay to publish in them ) or produce and publish journals themselves. Publishers make the most of their money by publishing second/third and fourth tier journals not the first tier because in the view of academia someone having access to "Journal of the Society of Librarians" ( circulation : 320 ), and "Cell" has the same value.