Business model innovation refers to the process of creating or modifying a company's approach to generating revenue and delivering value to customers. This can involve changes in how products or services are offered, the target market, or the underlying structure of the business itself. Companies often pursue this innovation to stay competitive, adapt to market changes, or leverage new technologies. Examples of business model innovation include subscription services, like those offered by Netflix, or the freemium model used by Spotify. These models allow businesses to attract and retain customers in unique ways, ultimately leading to increased profitability and market share.