Pervasive digitization of products and services open additional avenues for the next wave of business model opportunities. Most of firms are aware of the monetization potentials that the Internet of Things (IoT) has to offer, however, they still struggle to create a compelling value propositions. Despite the attention of both research and practice onto business models and the IoT, only few concepts and research endeavors regarding their intersections exist. This paper tends to unleash the specificity of the business models within the IoT technologies, and motivate new, ecosystem, perspective for upcoming research. Following a rigorous methodology for a comprehensive and systematic literature review, we develop five literature clusters related to the Internet of Things-driven business model research, evaluate and analyze the papers within clusters, and finally identify the gaps and propose directions for future research.