These are discrete observations, not a sample suitable for a market-wide average. Do not sum contract values, quarterly revenue and platform fees.
| Observation | Date and amount | What it establishes | What it does not establish |
|---|---|---|---|
| Wiley AI licence revenue | FY ended 30 April 2026: $49.1m, versus $40m FY2025 | Recognised revenue reported in a public filing; FY2026 includes $19.4m relating to content licensed from other publishers | Wiley's retained profit, industry growth or cash paid to each underlying owner. Wiley FY2026 Form 10-K |
| Wiley latest quarterly disclosure | Quarter ended 31 July 2026: $14m, versus $29m prior-year quarter; released 3 September 2026 | A newer observation showing revenue can vary sharply between quarters | A collapse in the entire licensing market or an annual run rate. Wiley first-quarter FY2027 results, 3 September 2026 |
| Reddit licensing arrangements | January 2024 agreements: $203m aggregate contract value, two-to-three-year terms; at least $66.4m expected 2024 recognition in the contemporary filing | Historical contracted value across arrangements | One buyer's price, cash already collected, or annual perpetual revenue. Reddit amended registration statement, March 2024 |
| News Corp–OpenAI | Agreement announced 22 May 2024; AP reported a WSJ estimate of more than $250m over five years, with companies declining to disclose value | A reported headline valuation, clearly weaker than an official price disclosure | An official annual cash fee or a small-publisher rate card. AP reporting on News Corp–OpenAI agreement, May 2024 |
| HarperCollins nonfiction offer | Authors Guild explanation in November 2024: $5,000 per participating title, split equally between publisher and author | A specific historical offer structure for selected books | A per-book market floor, ordinary broker commission or available offer today. Authors Guild explanation of HarperCollins AI offer, November 2024 |
Analyst calculation: Wiley's disclosed annual increase is 22.75%, calculated as 49.1 ÷ 40 − 1. That is company-level growth, includes third-party content and must not be presented as market growth. The opposite direction in its latest quarter is a useful warning against extrapolating one accounting period. Neither observation tells a publisher what its own archive is worth.
For a finance presentation, show four columns separately: signed contract value, revenue recognised, cash collected and net owner receipts. Add a fifth for contract scope. A reported $1 million package is not comparable to another $1 million package if one includes continuing updates, exclusivity and technology credits.