Under the significant background of deep integration of medium, the industrialized operation mode of network variety shows has been prominent. There has been a fundamental dimension for the industry chain. With the example of Who's the Murderer, it is reflected with the present industrial chain status of the network variety shows IP to analyze the problems and dilemma in the front-end, middle-end and final-end of the industrial chain. It is suggested to consolidate the core competitiveness based on innovation content; enhance the brand management and integrate marketing channels; expand the derivative development to improve the brand value derivation and industrial chain management of network variety IP to achieve the value-added of the industrial chain.