Knowledge is one of the key resources in business development. Critical resources may extend beyond the enterprise’s traditional boundaries, with the focal enterprise drawing upon the resources of other firms and institutions. Networks can be classified into two broad categories: market-based networks and localized learning networks. Interfirm learning in networks offers the potential to build competitive advantage. The key issues in the process of learning are: knowledge acquisition, knowledge appropriation and knowledge creation. New forms of governance have had an impact upon creative industries. Value co-creation has been greatly enhanced by the rise of the Internet and its associated interactive media forms. Using the business model approach, one can identify three different models that record labels started to implement since that time: extend­ing value networks, bundling value propositions, and validating new resources and competencies. The purpose of the article is twofold: to identify the key problems related to knowledge mobility and transfer within business networks and to highlight the new developments in the so called value co-creation processes. The methodology applied is literature overview and case study analysis.