The goal of this paper is to sketch the value chain and the business models of the online distribution of music. The perspective of the online digital music market is rather deceiving but the opportunities seem to remain high. Considering the rise of the P2P networks of free music digital files, it seems reasonable to assume this new way to distribute music meets consumer needs. Based on a review of the literature and executive interviews, the paper presents the traditional distribution models; then it addresses how P2P piracy deals with the copyright issues, and describes some emergent business models that could be an answer to illegal digital music distribution.