Based on the overall analysis of the periodicity，structural characteristics and internal logic transformation of China's media investment in 2018，this chapter focuses on the changes of media investment market patterns，hot spots and related risks in future. At present，the media industry is in the period of deep development and logic transformation which is characterized by transformation from information interconnection to value interconnection and from flow dividend to stock cultivation in depth. New cycle and new structure will inevitably call for new investment strategy and logic for investment target selection. The process of industry iteration has accelerated，but all these do not rule out the possibility that “cash cow” project，which has performed well today，will be the past story. So，potential tracks should be chosen and arranged for future. At present，competitions for strategic emerging industries has intensified in different capital markets，and the development of network information industry and digital culture industry has won the support from policies. Besides，the industry concentration has become more concentrated，and leading companies has a main position in the market value，leading to the pressure of small and medium-sized companies to survive has intensified. What's more，the state-owned media enterprises have continued to deepen internal reform and external expansion along the two main lines of the mixed ownership reform and media integration. Under the increasing strict supervision from the capital market and the cultural media industry，media innovation faces pressures from policies，technologies，markets and business models，and the investment risks of individual projects is further aggravated. Injury of reputation caused by gambling on performance，poor integration of mergers and acquisitions has become an important risk.