Incumbent content providers such as newspapers experience radical changes in their business environment. Digital platforms are becoming increasingly important to innovate digital media services and business. The generativity of digital platforms afforded by digital technology offers new opportunities, but also new challenges. Digital platforms exist in an ecosystem of complex networks of actorsand resources. In this paper we shed light on the challenges for incumbent content providers to adapt to and realize business opportunities in digital platforms. We do this from the viewpoints of newspaper management, platform provider and analysts of media business.