This theoretical study offers an extensive exploration of the ecosystem approach to tourism destination management. Ecosystems have gained prominence in contemporary discourse across various domains, including business and the academic world. The study examines tourism destinations through the lens of a business ecosystem, shedding light on the intricate interplay of elements within such ecosystems. For this purpose, first, the concept of a business ecosystem is defined and delimitated, laying the foundation for its application to the unique context of tourism destinations. Ecosystems, both in biology and in business, are complex and spontaneous structures, which raises profound questions about the feasibility of managing an ecosystem, the responsible entities, and the methods entailed. This paper argues that rather than a traditional management approach, it is plausible to adopt a governance perspective when dealing with the tourism destination ecosystem. By synthesizing existing bibliographical data on the characteristics of the ecosystem, the roles and functions of actors in it, as well as unique attributes of tourism enriching the understanding of the ecosystem approach, the research concludes on the important aspects that could be used for successful governance. This study serves as the initial phase of a broader research endeavor, which overarching goal is to contribute to the socio-economic understanding of tourism management, casting it through the prism of business ecosystems by expanding on these foundational insights and conducting further empirical investigations on particular types of tourism.