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IP-based TV services bring opportunities for interactivity and personalization. They also bring challenges in delivery quality and interoperability. Open standards are essential to ensure market success but also to enable innovation of future services and applications. We give an overview of the current status of IPTV standardization, especially how specifications complement each other to achieve a complete system. Some key challenges and opportunities are described, including how to enable 3rd party innovation on top of IPTV platforms.