Digital platforms are increasingly prevalent in the global economy with familiar examples including eBay, Facebook, Instagram and LinkedIn where users interact with each other, and in some cases third parties sell products and services on these platforms. In response to the increasing prevalence of digital platforms, many established firms have been developing their own digital platforms as part of their digital transformation journey. This chapter provides an overview of digital platforms and highlights the key issues firms should consider when establishing digital platforms. Different types of digital platforms are defined along with the key elements and the reasons why some digital platforms dominate markets. The chapter contrasts value chain firms with digital platform firms and outlines why managers struggle with digital platform strategy. It is shown how value is created and measured on digital platforms and highlights the risks for firms dependent on digital platforms. The chapter also explains why digital platforms fail and highlights strategies for reducing the threat to digital platforms.