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As of the end of 2008, the number of listed companies in the media industry was 7, 1 company less than that in Q1 2008. Cultural system reform and consumption upgrading would be source of power for the rapid development of the media industry. In the next few years, driven by the reform of the cultural system and the upgrading of consumption, the total output value of China''s media industry will maintain an annual growth rate of 10%-15%. We recommend companies with steady growth and the expectancy of high-quality assets injection such as Chengdu B-ray Media (600880). In addition, cable television network companies such as Beijing Gehua CATV Network (600037) have lower level of valuation.