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this post was submitted on 11 Jul 2024
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I could be wrong, but my understanding is the reviews are done by other academics for free, if at all... That's why getting published is kind of reputation based and circular because the cheapest review is just to look up whether they've been published before.
I have been the referee for two articles at an academic journal. It said in their agreement that for three or more papers per year you'd be compensated this and that much. But I guess I misunderstood because they emailed me and asked to pay me for just the two reviews. Anyhow, it basically no money. The time you put in to do a proper review is a lot more than what you are compensated for. Your uni still pays your salary, so this is just a bonus, but still, very little. This journal is hosted by a public entity, private ones may be very different.
I am unfamiliar with the process so I took OP's words at face value.
You misunderstood. The journals get the papers submitted for free (i.e. they don't pay the authors) and reviewed for free (i.e. they don't pay the reviewers).