Managing a network platform business can be a complex preposition for the platform owner due to various intricacies that are associated with these platforms. These platforms have distinct users each having its own exclusive needs and requirements. Also, success of one side is closely interlinked to the success of the other side. This research attempts to implode various aspects of network platforms, helps to develop the understanding of the core concepts and develops key strategies for success of such platforms. The thesis of this research is to show that strategies involved in managing successful network platforms are different from those involved in managing legacy products and only those companies that are able to understand these key differences are able to successfully create a vibrant ecosystem around the platform. The motivation of doing this research is dynamics of this business where many companies have able to generate enormous value in a very short span of time while others have vanished in oblivion. Also, lack of comprehensive research in this area, vis-a-vis research in conventional product based business strategies also provided a big impetus to carry on this research.