Australian financial markets are about to take another significant step forward, as the e-book industry is set to expand into new markets.
The Australian Financial Industry Council (AFIC) is set up to regulate the book and publishing industries and it has just announced a number of initiatives, including:*New book and e-reader publishing platforms: Amazon and iTunes*New formats for book publishing: ebook, mobi, mobile, print and digital*Support for the digital economy: an expanded role for digital businesses and a shift towards e-commerce*A new digital currency for book publishers*A review of the ebook market: an overview of the big players and emerging markets*An update on the industry and the Australian economy*Key points:The AFI has set out new policy objectives for the industry in 2018As well as introducing new regulatory measures, the AFI is also working on a review of its business model.
The review is set for completion by the end of the year, the ABC understands.
The decision to start the review comes at a time when the book industry is in a strong position to expand globally, with more than $US3.3 billion in book sales.
The book industry also enjoys the benefits of a thriving digital economy.
In Australia, the number of digital book purchases has risen to more than 40 million, which is more than double the number from a year ago, according to the Australian Booksellers Association (ABSA).
The AFA also believes the book market is poised to double over the next few years and is anticipating an increase in the number and value of digital books sold by 2019.
The AAFI has already set out the vision for the future of the industry, which includes a digital currency called ‘the bitcoin’ which will allow book publishers to accept payments in bitcoin.
In a statement, AFI CEO John Thim said:”We are very proud of the progress that our industry has made and have taken on to take our vision to a new level.”
The book publishing industry is an important part of our nation’s economic lifeblood and is a key part of the Australian economic pie.
We are excited to see this sector grow and continue to develop.”
A successful digital book industry will allow for the economy to thrive and the economy of this country to flourish as we continue to grow our economy and our jobs.”