[6] An article processing charge does not guarantee that the author retains copyright to the work, or that it will be made available under a Creative Commons license.[10] APC fees applied to academic research are usually expensive, effectively limiting open access publishing to wealthier institutions, scholars, and students.[12] A 2019 analysis has shown 75% of European spending on scientific journals goes to "big five" publishers (Elsevier, Springer Nature, Wiley, Taylor & Francis and the American Chemical Society (ACS)).Article processing charges shift the burden of payment from readers to authors (or their funders), which creates a new set of concerns.[29] A 2017 study by the Max Planck Society estimates the annual turnovers of academic publishers amount to approximately €7.6 billion.[33] Under the traditional model, the prohibitive costs of some non-open access journal subscriptions already place a heavy burden on the research community.[35] For these reasons, some funding bodies simply will not pay the extra fees for open access publishing: the European Union scientific research initiative Horizon Europe does not cover the APCs for articles in hybrid open-access journals.