The Event Horizon Telescope (EHT) is an array of radio telescopes around the world that uses the technique of Very Long Baseline Interferometry (VLBI) to create a virtual Earth‐sized telescope. Using this technique, the EHT released the first image of a black hole on April 10, 2019, accelerating black hole science and creating enormous public impact. Now, a team of scientists and engineers is looking ahead to the next horizon: movies of black holes. In this paper, we give an overview of how the next‐generation EHT (ngEHT) Project has adopted a systems engineering approach to the design of future improvements to the EHT array, developing clear traceability from community‐defined key science goals. Scheduling, operations, site selection, observing bandwidth, data transport, and data management are some of the many factors that require careful consideration and balance and therefore benefit from intentional systems engineering methods underpinned by a “single source of truth” system model.