The advance of All-IP digital convergence is now triggering fundamental changes in the media industry. This article analyzes the evolution of the media industry based on a value chain model, with a special emphasis placed on the impact of digital technology on the structure of media production, distribution, and consumption. As the Internet has evolved into an access channel for all forms of media, the boundaries of the media industry remain unclear and open thus enabling anyone to become a creator of media. Furthermore, the scope of media continues to become more dynamic as competition grows between older and more innovative forms of media. In this light, adapting to innovative technologies and more effectively meeting the needs of customers represent key factors for the continued evolution of the media.