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.