The topic of this paper explores the waterfall and agile approaches to project management and their influence on the creation of digital products, as well as their advantages, disadvantages and differences. In the IT industry, in the last ten years, project management has become the backbone for the execution of almost all strategies at companies operating as agencies or developing their own digital products. That is why it is important to study project management as a separate entity that brings added value to companies. In addition, it is important to point out the importance of the influence of project management on the development of workplaces, changes in organizational structures and changes in industry and society in general. As part of this work, the most widespread approaches to project management and methodologies used in the creation of digital products were studied. In these companies, one of the modern (agile), traditional (waterfall) or hybrid project methodologies is most often used. Also, as part of this work, research was conducted on the main differences in the implementation of projects according to the previously mentioned approaches in companies that produce digital products. As part of this research on a sample of 4 Croatian companies, it was concluded that both when using the waterfall and when using the agile approach there are certain characteristics of the other approach in practice, i.e. that companies adapt approaches and methodologies to their needs in such a way that they often combine them, regardless of affiliation certain characteristics to some of the approaches. It is important to emphasize that the respondents' opinions are mostly similar, and the biggest differences are related to the size and age of the company, and less, but still significant, to the type of work performed.