Semantic technologies will impact future business models for scholarly publishing. First stage was the transition from publishing based on analog artifacts, to processes built for digital documents where computers are used as electronic pencils and XML based indices. Second stage is semantic metadata where the computer is used to describe the published content in multiple ways -- think of it as a cambrian explosion of post-it notes -- and also the description and linking together of previously disparate sources. Data and content archives move beyond XML to description logic based semantic web standards which facilitate connect across media formats, documents, domains, and across archives leading to the need for community curation. Business models are still uncertain, being based on access and delivery of content for which alternatives are economically attractive. Third stage is publishing based on (executable) knowledge-as-a-service. More than documents, more than passive semantic description, knowledge that is expressed through content, methods, data, and processes becomes modeled, managed, and enmeshed with research processes and processes which use the results of research. In this era, publishers with dominant positions in theory will find viable business models that trump competitors.