IP video has taken two forms: Internet Protocol Television (IPTV), which emulates broadcast Television (TV), and Internet video where video selections are accessed across the Internet through Web sites such as YouTube, Hulu, Netflix and others. IPTV and Internet video each provide capabilities that will drive new TV experience. As more and more TV content migrates to the Internet, “personal” video choices are becoming the norm, not the exception, for IPTV as well as Internet video. Beyond today’s established IPTV, transformations in how media are managed and delivered promise a world of personalized content and services delivered to “any device, anytime, anywhere.” This paper describes the co-evolution of IPTV and Internet video. It gives a tutorial-level overview describing how IPTV content is managed and delivered today. Then it discusses the impacts on the IPTV architecture and media value chain from transformations in IPTV that are enhanced by Internet and Web capabilities.