AbstractBusiness models in mobile communication have remained surprisingly stable up to 4G. 5G and beyond generations will bring a fundamental change to how mobile connectivity is deployed and commercialized. This chapter explores value capture on 5G and 6G by looking at the business opportunities, business models, and changing platform-based business ecosystems of the future that extend beyond traditional company boundaries. Combining technology and strategy perspectives, six baseline business models are presented for 5G: General bit-pipe, Segmented specialized service, Wholesale service local operator, Retail service local operator, Vertical service operator, and Context service local operator. Additionally, 6GMNO, OTT operator, Edge operator, Telco broker, and Service-flow business models are envisioned for 6G. The chapter concludes by characterizing the future mobile communications business models as vertically, horizontally, or obliquely structured ecosystems.