With the digital revolution, the IoT (Internet of Things) platform approach emerges as a supportive way for the implementation of IoT platform-based Product-Service System (PSS) offerings. To exploit the full potential of the platform economy and considering the complexity of the multitude of different actors in all the lifecycle stages, value creation architectures for digital and service platforms are one of the critical points to develop. In this work, the concept of Platform-based PSS is presented, and for representation purposes, an extension of the RAMI 4.0 reference model has been proposed. Specifically, the ecosystem perspective has been added to RAMI 4.0, to approach Platform-based PSS with a multi-actor lens. Moreover, the different contributions and benefits of the main participants in Platform-based PSS are illustrated. Therefore, three different scenarios have been exemplified with the proposed RAMI 4.0 extension relating the actors’ possibilities to contribute to Platform-based PSS to the level of openness of a platform.