Media production and consumption are under a drastic change. The digitalization of content production, delivery and use as well as the increase of the broadband Internet access in both fi xed and mobile networks allow the use of media contents in a myriad of different terminals. Simultaneously, media consumption is becoming increasingly social, participatory, ubiquitous and multi-channeled by nature. The novel technologies that enable shared public and interpersonal communications are of significant social, organizational, and economic importance. They act as notable change drivers in the media industry and pose major challenges to contemporary media fi rms. One secret to maintaining a thriving business is recognizing when it needs a fundamental change (Johnson et al. 2008). The objective of this paper is to analyze, from a conceptual point of view, the management of dynamic media business models, which are exposed to the paradigms of the evolving media industry. It will discuss their building blocks, the infl uence of industry changes, and predict their management challenges,required capabilities and evolutionary steps. It deals with questions such as: • Why should fi rms engaging in the media industry consistently innovate business models that are different from current practices and ways of operation? • What factors drive business model development and how can fi rms manage this development in collaborative digital environments that are characteristic of the contemporary media world? • What are the key challenges and future prospects for the media business models in the present-day Internet society?