In settings characterized by high technological intensity, such as the television industry, change is often driven by innovation. This has impor- tant implications for the way firms create, capture and deliver value (i.e. firms’ business model). Ample research has focused mainly on technolog- ical innovation overlooking an important dimension of business models: the customer. This conceptual paper fills this gap by explicitly incorpo- rating both drivers in the design of Tv business models. By doing so, we contribute to the growing literature on business models and offer a refer- ence framework for both managers and academics interested in under- standing business model dynamics in the television industry.