Lighting systems in offices are becoming an infrastructure to connect people, devices, and systems to each other and to the Internet, creating an Internet of Lighting (IoL). This can bring advantages to stakeholders involved, and is expected to have a disruptive impact on the value chain. This study investigates the impact of IoL on the European office lighting value chain. A qualitative stakeholder study indicates four perspectives with corresponding drivers of change: IP to the end node, standardisation, sharing data, and light as a service. Potential impacts on value have been formulated for each driver, and are operationalised towards stakeholders using the layered value network model. The validity of the model is shown by populating it with the European office lighting value chain. The work concludes with insights in the impact of IoL on stakeholders, and recommendations about the user of the model for synthesis of new stakeholder networks.