In order to understand and explain current developments in the media landscape, using the lens of innovation and innovation theory adds value to media research. This chapter gives a theoretical introduction to the concept of innovation. It argues that media innovations may be related to product innovation, process innovation, position innovation, paradigmatic innovation and social innovation, and that innovation may involve different degrees of novelty. The chapter also highlights key influences on innovation in the media: (1) technology, (2) market opportunities and user behaviour, (3) behaviour of competitors, (4) regulation, (5) industry norms, (6) company strategy, (7) leadership and vision, (8) organisational structure, (9) capacity and resources, and (10) culture and creativity. 1. Latin innovare: to change. 2. Lindmark et al. (Chapter 8) also propose temporal aspects as an additional dimension. This dimension involves the maturity of the innovation and how close the innovation is to the market. 3. This section of the discussion is in part inspired by factors influencing the type of product portfolios established by media companies, identified by Picard (2005).