Abstract Purpose ? The purpose of this paper is to show how the business model of the information and communications technology (ICT) industry has evolved and the general differences that evolution has made to information management. Design/methodology/approach ? Literature review was carried out accompanied by conceptual analysis. Findings ? It shows that changes in the business model of the ICT industry have been quite dramatic and have led to significant changes in the structure of the industry. Research limitations/implications ? This research is based on analysis of the ICT industry. The analysis could be broadened to include other industries. Research into business model change should consider adopting the evolutionary approach taken in this paper. Practical implications ? Managers in the ICT industry should factor the likely evolution of business models in their industry into their planning. Social implications ? Government policymakers considering how to stimulate the development of the ICT industry in their country should be aware of the moving nature of their target. Originality/value ? This is one of the first papers to apply the evolutionary approach to business model change.