Since 1990, Business Models emerged as a new unit of interest among both academics and practitioners. An emerging theme in the growing academic literature is focused on developing a system that employs business models as a focal point of enterprise classification. In this paper we attempt a historical analysis of the video game industry business model evolution and examine the process through the prism of two-sided market economics. Based on the biological school of phylogenetic classification, we develop a cladogram that captures the evolution process and classifies the industry’s business models. The classification system is regarded as a first attempt to provide an exploratory and descriptive research of the video game industry, before attempting an explanatory and predictive analysis, and introduces a system that is not governed by the industry’s specific characteristics and can be universally applied, providing a map for researchers and practitioners to test organisational differences and contribute further to the business model knowledge.