The quest for the right E-Learning business model is a strategic issue for E-Learning-companiesí management. But like any new concept, it is not short of confusion and ambiguity. This article gives a short review of the controversial discussion of the value of E-Learning business models and presents a simulation model built on system dynamics concepts to analyse and evaluate formalized E-Learning business models. This simulation model has been initialized and validated by empirical data gathered from literature research and five structured expert interviews. The simulation for different pricing and licensing scenarios for E-Learning products reveals the complex feedback structures in the pricing setting process and their impacts on the performance of a E-Learning content provider.