Emerging digital technologies enable the creation of new services and business models, leading to ecosystems’ continuous change. In the tourism industry, new digital-savvy players like Airbnb have entered and created entirely new market segments, while many existing players are challenged to redefine their business logic. However, the literature does not provide a generic overview of the value network in tourism, including new market players, and their ways of interacting. Therefore, this paper develops a current overview of the value network of the European tourism ecosystem. By analyzing the business models and value streams of 704 European enterprises based on Crunchbase data, we identified 27 distinct roles and their respective interrelations in the domain. To validate the proposed value network, we conducted five expert interviews. Our results highlight the continuously growing importance of intermediaries in tourism. Furthermore, new technology players offer new opportunities for innovative services, creating high dynamism in the industry. Nonetheless, local entities, such as residents and communities, play a central role in European tourism and need to be included in experiences provided to tourists. Scholars and practitioners might use the results to identify disruptive actors and opportunities for innovation and niche creation. Additionally, the results can be used as a basis for further analysis of the ecosystem’s ongoing changes induced through technological advancements or external events such as the COVID-19 pandemic.