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Academics and practitioners observe a growing relevance of media innovation research. Yet, theoretical frameworks how to approach media innovations as objects of media economics and media management research remain underdeveloped. Focusing on particular parts of the innovation process they fail to encompass the holistic character of media innovation. Following a theoretical approach, this paper provides an integrated perspective towards studying media innovation processes. First, it discusses central theoretical and empirical concepts towards analyzing media innovation and media related change processes from a media management and media economics perspective. This review demonstrates a focus on micro and meso-level analyzes with respect to adoption and diffusion theory and innovation management based concepts addressing only parts of the media innovation process. Second, the paper extends these concepts by elaborating on system-oriented and phase-based approaches towards analyzing innovations. As a result a framework is carried out that approaches media innovation processes based on an integrative and multi-level oriented analysis.