To understand the true cost of blu-ray replication, we need to know the fees and royalties associated with it:

AACS: Advanced Access Content System (AACS) is a standard for content distribution and digital rights management, intended to restrict access to and copying of blu-ray discs. This is a one-time fee of $500 and $100 processing fee per title and per master.

AACS Royalties: mandatory royalties fees per disc pressed.

Example: A producer is replicating 1,000 BD25 bulk discs, the cost will be as follows:
$500 (AACS fee) + $100 (AACS processing) + ($0.02 x 1000) (AACS royalties) + ($2.48 x 1000) (blu-ray replication)
= $3100