伴隨著中國新聞改革而興起的市場化傳統媒體，如今卻面臨著新媒體帶來的行業危機，它們在創新與融合之路上不斷探索。自2014年到2017年，本研究追蹤跟進了廣州三家市場化媒體的創新融合之路。結合背景資料研究，通過深度訪談和參與式觀察，研究者追蹤了它們以可持續盈利為目標的新媒體商業模式的建立過程。研究發現，在這些媒體的融合轉型期，宏觀體制仍是無可迴避的制約因素，媒體組織領導的創新動機與能力則是關鍵因素；在微觀層面，精準定位於目標用戶的原創內容生產，與媒體表現及盈利呈正向關係，而編輯的跨媒體運作可能有負面的影響。從新媒體注意力經濟的角度來看，智慧新聞和智慧營銷是吸引用戶的同樣重要的兩翼。雖然成熟的新媒體盈利模式的確立目前還言之尚早，但本研究發現，媒體融合之路在「去大眾化的」媒體身上可以比較順暢地達到盈利的目標，而它們又可成為傳統媒體組織在融合過程中新的生長點與有機補充。

Market-oriented traditional media that emerged from China’s news reform now faces an industry crisis brought by new media. These traditional media organizations have been exploring ways to innovate and converge with new media. From 2014 to 2017, the author of this research tracked three marketoriented media outlets in Guangzhou: two life-style magazines and a media APP run by a metropolitan newspaper. Combining background document analysis, in-depth interview, and participant observation, this study examines the process of establishing a new media business model aiming at sustainable profitability. It is found that in the process of transition, the macro media system unavoidably plays a restrictive role, while the motivation to innovate and ability to execute on the part of media organization leadership are a key factor. At the micro level, the original content production based on accurate positioning of target users is positively linked to media performance and profitability; and cross-media editorial operation may have an adverse impact. From the perspective of new media attention economy, wisdom journalism and wisdom marketing are equally important in attracting users. It is still too early to say that any new media profit model is mature to established, but this research finds that media convergence is a relatively smooth path for “demassified” small media to achieve profitability. As such, demassfied media operation may become a new growth point or organic supplement in traditional media organizations in their media convergence process.