Platform Business Model Innovation: A Systematic Literature Review

This study presents a systematic literature review of platform business model innovation (PBMI), offering a theory-oriented synthesis that consolidates dispersed insights into a coherent framework encompassing key antecedents, drivers, mediating mechanisms, dimensions, and outcomes. The review conceptualizes PBMI as a contextually embedded, multilevel, and inherently adaptive process shaped by institutional, technological, and organizational dynamics, rather than as a linear or purely technology-driven shift. Building on this synthesis, the study develops a multilevel adaptive model of PBMI that explains how value creation, value proposition, and value capture coevolve through recursive feedback among platform-, firm-, and ecosystem-level mechanisms. By specifying loci of adaptive action and cross-level feedback pathways, the model advances platform strategy and dynamic capabilities theory beyond firm-centric and static assumptions, reframing PBMI as a systemic and coevolutionary process across technological, organizational, and institutional layers. The study concludes by identifying key conceptual and empirical gaps and outlining a forward-looking research agenda to inform future theoretical development, managerial practice, and policy design in digital platform contexts.