The demand for services using digital technology is constantly increasing as new developments in digital consumer electronics and the Internet are made. This is especially true in terms of the demand for IPTV utilizing high speed Internet networks. Research on IPTV threats is important for facilitating financial transactions via IPTV and preventing illegal use or copying of digital content. Thus, this paper analyzes IPTV threats via the IPTV value chain. That is, the distribution system for IPTV service is analyzed along with the components of the value chain and corresponding IPTV security requirements or security technologies, in order to perform a threat analysis and research suitable for the IPTV service environment. This paper has a greater focus on the value chain of the IPTV business than the approach in previous research, in order to analyze security requirements and technologies that are more applicable to the business environment.