Managing media products is challenging. Media products are innovations with hedonic consumption utility which are distributed in competitive physical and digital markets influenced by social and cultural trends. These attributes often cumulate in short life cycles and high flop rates. Successful marketing strategies require knowledge about the ecosystem and the effects of marketing activities. This article provides a framework to develop marketing models and to evaluate existing media business studies. We discuss fundamentals in starting the modelling process, specifying the model, and fitting relationships. Our framework provides an introduction for researchers who are new to this field and some guidance on advanced econometric specifications. On each step of the modelling process, we elaborate on key challenges in various media industries and illustrate econometric issues with examples to provide implications for managers of media companies, scholars, and policy makers.