The Generative Artificial Intelligence (GAI), a subset of AI, has emerged as a revolutionary technology in content summarization, creation, and translation across various formats, including text, image, audio, video, or a mix of multiple formats. The tremendous potential of GAI has made practitioners and academicians across diverse industries invest resources and leverage GAI capabilities in their organizational strategy to enhance their business models. This study executes a bibliometric analysis on 76 selected articles from a pool of 558 articles sourced from the Scopus database to examine the state of intellectual structure around the impact of GAI on business models across industries. By using content analysis, this study contributes by identifying six themes: innovation and transformation in business models, trust and transparency in digital systems, integration of technology and sustainability, sustainable innovation through digital technologies, leveraging technology for revenue growth, and transformative technologies in business operations. Each theme is briefly described along with associated challenges. This study also recommends future research areas to further explore the implications of GAI on business models.