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This report aims to address the problems which have beset the academic publishing industry for a number of years, namely, escalating output of journal titles and articles, together with spiralling prices as purchasers (mostly university libraries) have attempted to keep pace within tightening financial constraints. The authors examine some of the economic implications of the recent strategies adopted by libraries to try and tackle these issues.The advent of electronic full-text journals affords the opportunity to take a fresh approach, recognising that any risk to publishers in the new electronic age is likely to fall on the small players in the sector, particularly learned societies which are operating on restricted budgets. The report examines the cost implications of moving to an electronic format, as well as describing the advantages to the end user in terms of an enhanced product delivered on demand. Pricing models for electronic journals are reviewed, with recognition that electronic media present opportunities for new pricing mechanisms, covering pay-as-you-view, site licence and subscription. The authors conclude by recommending that electronic journals be made available through a combination of payment by usage and subscription.Far from posing a threat to learned societies and small publishers, offering individual as well as bundles of articles to a world-wide academic community linked to the Internet may well increase demand. However, some form of intervention will be necessary to support the publication and archiving of quality articles with limited current demand in the interests of strengthening scholarship in the future.