We investigated the key changes of of game industry via macro analysis at the value chain and business model level. These changes have been looked through in two different business environments. The investigation of changes at the value chain level assumes particular interest whereas we consider the impact of reward-based crowdfunding on the complex system of relationships among game developers, funders, publishers, distributors and, last but not least, customers’ communities. Our research found that the rationale of a extensive reward-based crowdfunding goes beyond the collection of funds; it aims to establish a direct link between the developers and their market. This direct link enables developers to pre-test products before market launch and leverage on communities’ knowledge to succeed in game design and production. Changes at the business model level were searched for within the serious games industry. In that respect, case studies helped us to observe that customers, and their different roles, impose on game developers to design their business model with consideration to the fact that buyers, players and beneficiaries are not often the same person. As a consequence, value creation, capture and delivery, the three founding activities of a business model (Amit and Zott, 2010), must be tailored to the customer's characteristics. From there, our research concluded that a business model developed for entertainment games cannot be readily reused for serious games. This calls for business model literature to be updated to capture the defining characteristics of customers’ multiple roles.