The present study investigates the factors that positively influence the efficacy of e-media business models. Taking into consideration the extant literature that mentions the ineffectiveness of the subscription model, we try to investigate new factors that contribute to the success of e-media business models. Based on previous research, we examine the following five factors: specific content, innovation, multiple revenue sources, interactivity and media brand communities. In-depth case study analysis of three successful e-media companies is conducted in order to define whether each of the factors is considerable for e-media business models or not. Our results indicate that specific content, innovation, interactivity and media brand communities constitute significant features for e-media models while multiple source revenues are not a necessary factor for success. Finally, based on our results, various suggestions are proposed for entrepreneurial companies.