Film and video products take a huge variety of forms from modest training or promotion audio-visuals to blockbuster feature films that earn very large amounts of money from worldwide distribution. Production and distribution for any film or video product involve an extremely wide array of commercial interests often with quite different strategies. This study focuses on commercial entertainment products and production and distribution of films and television programs. It analyses the impact of digital content creation, distribution and use on value chains and business models of the film and video industry and explores the policy implications of these changes to identify how digital content may affect the function and position of participants in the industry along the value chain.