Abstract: As the deployment of Internet of Things and other enabling technologies is still in an initial phase worldwide, few research studies have addressed the associated business models. This paper aims to fill this gap. The main objective of this research is to gain a deeper knowledge about practical business models matching into a real-life smart city ecosystem. Hence, a benchmarking of eight urban services provided in the city of Santander has been carried out: waste management; water supply; traffic management; street lighting; augmented reality and tourism; incidences management, parks and gardens and citizen participation. Among the main results of our study, we highlight that those public services properly managed embedding IoT technology convey cost reductions in the long term. There is also a reduction in energy consumption and environmental impact with the consequent social impact. It should also be highlighted that most data are managed with the same platform. Last but not least, an emerging ecosystem of incentivized citizens has been proved to be arising.

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