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This article discusses the Annales’ present situation in the context of the fast-evolving material economy of scholarly publishing. It starts from the question of the very form of a journal in a world where digital distribution has deeply transformed scholarly practices inherited from the twentieth century. It then presents the main traits of the journal’s production from a technical, graphic, and material point of view, and their evolution over the past few decades. This reflection on the history of the journal-as-object brings us to the digital edition, which is now the format in which the Annales are most widely read and distributed. This shift away from paper has led to profound transformations in the reception of the journal. The individual and institutional subscription model is fast receding and is being replaced by bundled subscriptions through centralizing online platforms—in the case of the Annales, through Cairn and Cambridge University Press (co-publisher since 2017). The new geography and new reading practices that have emerged challenge the economic model of the journal, which must be reinvented in the face of declining revenues linked to the digital transition and the development of open access.