[sgc]

I don't buy this. The real issue is prestige. Many journals use a large publisher for their brand name. As schools themselves manage to establish significant international brand awareness, they no longer need this service. There is currently no online/open access platform with academic prestige--because that can only come with time and a track record of proper review and rejection. When the larger players come together and form or use such a body, the smaller players will be able to migrate to it.