In the pattern of rapid development of the media industry characterized by the emergence of the “Internet Plus” era, enterprises are facing unprecedented challenges and opportunities. This paper discusses the influence of Internet technology on the media industry, and discusses the strategy of business model innovation to improve competitiveness and adapt to the changing market demand. Through a comprehensive analysis of the changing dynamics of content production, distribution and consumer behavior, this study determines the necessity of media enterprises to innovate business models. By taking advantage of Internet technology, such as resource integration and value creation, media companies can open up new ways of growth and sustainable development. Empirical research shows that enterprises that adopt business model innovation are superior to their traditional counterparts in profitability. Finally, this study provides valuable reference for the media industry stakeholders who seek to master the complexity of the digital age and flourish in the era of “Internet Plus”.