This paper surveys and categorizes emerging digital media business models. We apply the customer activity cycle of Vandermerwe (2000) to the consumption of digital media, taking three phases into account: pre-consumption, consumption and post-consumption. Our analysis of the business models focuses on their social costs and benefits. We derive the parameters as follows: convenience of use, exposure, ease of compliance and administration. We distinguish two polar environments for digital media: the Dark Web with content created by the masses, and the Light Web with content created by big media. We develop an artist life cycle model in which different business models appear to be optimal at different stages of an artist’s career. Voluntary payment-based models seem to be ideal for newcomers in the Dark Web, while digital rights management-based and complementary product and service-based models are the likely choice of established artists in the Light Web. Established artists might change their approach again, using voluntary payment-based or complementary product and service-based models when they retire.