Technology has had a huge impact in lots of industries such as music and video streaming, gaming and software, and the publishing industry is no exception. The digital world and ePublishing have changed the way publications are being produced and distributed.
The projected industry revenue for 2019 is $22.7 million and it is expected to reach a market value of $29 million by 2023 thanks to the steady growth of eBooks, but most importantly to ePapers and eMagazines.
ePublishing new business models
New business models have emerged like digital distribution, PPV, subscriptions, self-publishing and even Print on demand. The development of e-book readers and apps for mobile and tablets have suddenly created new expansion opportunities for existing and new publishers. Nowadays it is easier than ever to distribute e-books, digital magazines and newspapers and other digital publications worldwide.
VAT challenges on ePublishing
There is a general rule, printed books and publications have benefited from reduced or zero VAT rates, but that was not the case for their digital counterparts. Nevertheless, it seems governments around the world are now shifting the way they treat eBooks and other digital publications and VAT rules for the ePublishing media are changing rapidly.
For example, since the European Council agreed to allow member states to apply a reduced VAT rate to electronic publications in October 2018, VAT rates for eBooks have changed fast in EU countries.