In the information society we currently live in, the music industry, like any other industry which has come to rely heavily on digital technologies for its advancement, has become much more complex and intricate. This has resulted in the emergence of new stakeholders that were not part of the music ecosystem 20 or 30 years ago. And as a result, activities within it seem to be more networked than structured in sequence, as well as more dynamic and flexible. Consequently, when trying to analyze the current state of the music industry and all its complexities from a business point of view, it becomes manifest that the commonly used value chain framework – a linear, mechanistic view of business based on the one-way flow of the production line of the industrial era – has become outdated, and is evidently inadequate to understand value in the knowledge economy, based on complex, uncertain, multi-stakeholder networks. My research aims to tackle this issue by analyzing the music industry from the value network perspective to produce a dynamic conceptual model that reflects the current state of the music ecosystem.