Research on the diversified development path of media industry in the new media era is conducive to systematically analyzing the position and role of media industry in economic development. Using statistical data to quantitatively measure the correlation effect and dependence degree among the internal organizational structures of the media industry can play a positive role in optimizing the industrial structure and promoting the rapid, coordinated and efficient operation of the media industry. In this paper, the SBM model is used to measure the operating efficiency of listed companies in the media industry, and the correlation between institutional factors and the development level of media industry in China and the degree of correlation are discussed by using correlation analysis and grey correlation analysis. The empirical results show that from 2010 to 2021, the operating efficiency of listed companies in China's media industry has been around 0.6, with the peak value appearing in 2011. The degree of media marketization has the highest correlation with the development level of China's media industry, which has a great influence on the development of China's media industry. The media needs to develop the effective allocation of media productivity and production factors, and must establish exclusive ownership system arrangement.