Navigating technological discontinuities to adapt incumbent business models in terms of value creation and capture poses a significant challenge in today's dynamic landscape. Integrating new technologies while preservingthe value of existingactivities demands innovative strategies that go beyond conventional adaptation processes. Priorresearch has delvedinto business model adaptation in light of technological shifts, underscoring the significance of complementarities between core knowledge and new technologies alongside vertical integration's role. Nonetheless, a comprehensive understandingof incumbents' specificactions to leveragethese adaptations for enhancingcore knowledge and traditional complementary assets remains elusive in academic discourse. Drawing from the framework of Pesce et al. (2023), which proposes four levelsof business modeladaptation (adoption along the existing value chain, local upstream integration, convergence, andexploiting connections), this thesis aims to investigate the main elements that characterize each level, i.e., core knowledge, digital complementary assets, adaptation mechanisms and outcomes, and how they interrelate.