Under the impact on the wave of new media era, Mango TV begins to explore a new road, which gives birth to the strategy of "exclusive broadcast", "dual‐core drives" and "all-media layout". From the perspective of value chain theory and combined with its practical cases, this paper analyzes the construction and innovation of Mango TV's business model. Follow the rules of the Internet, it actively builds own ecosystem so that its business model continues to mature. With the continuous innovation of the business model of Mango TV, it effectively promotes the construction and sound operation of the value chain of the media industry. It provides a new path to extend the development space of the value chain, and also contibutes a new reference to solving the current business dilemma faced by traditional media.