I heard that question earlier, and I thought about it. I have at least one answer, which is that $120 million per year goes to the CRKN, the Canada Research Knowledge Network. It is a consortium of universities that purchases a blanket licence to access digital material. Mostly, I think it is journal articles, but there are other things as well. That's an example of that shift to digital purchasing.
On April 17th, 2018. See this statement in context.