In this chapter, we examine how intellectual property (IP) engages with business models. Business models are conceptual devices constituting and framing the process through which things become assets or objects of investment, elaborating the mechanisms of value creation and delivery and the appropriation of such value through strategic means. Changes in the patterns of production, distribution and consumption in the wake of continued digitisation have come to challenge established value-generating logics. The heterogenic character of the Creative Industries implies a multitude of business models at play which escapes the rhetoric of universalities, reflecting locally defined understandings and practices of value creation and appropriation. Some of these variations are considered in this chapter.