Net neutrality and the value chain for video Structured abstract according to Info guidelines Purpose Video distribution over the Internet leads to heated net-neutrality related debates between network operators and Overthe-Top application providers. The purpose of this paper is to analyze this debate from a new perspective that takes into account all of the assets that companies try to exploit in the so-called battle for eyeballs in video distribution. Methodology We use a systematic value chain analysis to determine the points along the value chain where net neutrality interacts with video distribution. The inputs to the analysis are the existing and proposed policy measures for net neutrality in Europe and in the US, and a number of net neutrality incidents that have led to discussions earlier. Findings We find that the current and proposed policy measures aimed at net neutrality each contribute to a certain extent to their intended effects. However, our analysis also shows that they are likely to lead to new debates in other parts of the value chain, as players try to compensate the loss of influence or revenue streams by rearranging the ways in which they exploit their assets. Practical implications Further and new debates are expected in the areas of peering and interconnection, distribution of resources between overthe-top and managed services and the role of devices with tightly linked search engines, recommendation systems and app stores. Originality/value The new perspectives offered by our value-chain based analysis are valuable for policy makers who aim to promote net neutrality and simultaneously stimulate competition and innovation throughout the value chain. Net neutrality has, for a number of years, been a topic of often heated discussion in the Internet and telecom community. The issue was put firmly on the agenda by Tim Wu in his famous paper (Wu, 2003) following the discussion on a number of net-neutrality related issues by other authors (e.g. Lemley and Lessig, 2001). Since then, net neutrality has been analyzed extensively in academia and in regulatory circles (e.g. Marsden, 2010 and Marcus et al., 2008). Important recent regulatory positions are contained in the FCC's 2010 Report and Order (FCC, 2011), the European Commission's communication on the open Internet and net neutrality in Europe (European Commission, 2011) and the European Parliament's resolution on that topic (European Parliament, 2011). Looking at the historical development of net neutrality, there are two dominant factors that fuel the discussions on this important topic. The first factor is the recurrence of incidents around limitations in the access that end users have to popular applications. The best-known incident is probably the Comcast case, in which the large US cable operator and ISP was accused of interfering with the ability of its customers to use the BitTorrent peer-to-peer file sharing application (e.g. Marcus, 2010). Other well-known examples are the blocking of VoIP applications (such as Skype) by mobile operat...