By the end of 2019，the number of media listed companies stood at 143，with a total market capitalization of 1460.747 billion yuan. The media sector has recorded a positive annual cumulative gain for the first time after three consecutive years of adjustment from 2016. After experiencing massive losses in 2018，the listed company began to gradually turn around or reduce its losses，with an overall operating income of 436.878 billion yuan in the first three quarters. The media industry continues to be impacted by mergers and acquisitions and goodwill，resulting in larger scale profit volatility.