转化率的高低决定了媒体的市场价值，成为继注意力之后建构媒体转型发展模式的关键因素。互联网公司的盈利模式逐步从早期的点击率和用户数转向建立高转化率的线上线下整合生态系统。与互联网公司相比，传统媒体基于广告的盈利模式转化率较低，逐步失去了市场竞争力。高转化率的商业模式不仅仅需要用户的注意力，更需要在支付、配送、营销、活动、信用、客户服务、产品线等领域进行整合。本文在借鉴已有研究成果的基础上，探讨了传统媒体的转化率与广告收入之间的关系、转化率水平与媒体市场价值之间的关系、用户消费行为整合服务水平与转化率之间的关系，提出了相应的假说并进行了验证。

The market value of media is depend on conversion rates, which have become a key factor for understanding the development pattern of media transformation after the attention factor. Internet companies’ business model has gradually turned to focusing on building an O2O ecosystem with high conversion rates, instead of focusing on click-through rate and user number in the early times. Compared to internet companies, traditional media’s conversion rate is relatively low because they rely on advertisement to make profits. Therefore, traditional media has gradually lost their market competitiveness. The business model of high conversion rates requires not only users’ attention, but also integration of payment, distribution, marketing, events, credit, customer services, and product lines. This paper discussed the relationship between traditional media’s conversion rates and their advertisement revenues, the relationship between the level of conversion rates and media market value, and the relationship between conversion rates and the level of integration of services based on users’consumption behaviors.