There are three obvious changes in China’s media capital market：in 2021，the domestic media capital increased slightly，and the Chinese concept stocks decreased significantly；Policy becomes an important variable；Small share investment was the main investment，and prudent investment has become the mainstream. In this environment，the capital operation of China’s media industry has the following three characteristics：first，the trend of To B is obvious；Second，focus on business areas such as games and going abroad，and generation Z has attracted much attention；Third，make rational investment and favor the leading enterprises with vertical subdivision tracks. The Internet media industry，with significant changes in valuation logic and policy environment，will be more cautious in capital operation in the future.