Abstract: The combination of crowdfunding publishing and “New Cultural Innovation” is the application and extension of crowdfunding financing mode in the field of publishing industry in the Internet era. Modian.com has a major representative in the development of this model. This paper analyzes the existing model of Motian from the aspects of publishing process, supervision mechanism and profit model. Taking IE matrix as the analysis model, the paper gives weight scores to the internal and external influencing factors under the operation mode of Modian.com, and finds out the hidden problems from the total weight score analysis, and finally the future development of the model is prospected from two aspects of internal value structure and external ecology, in order to obtain greater vitality in the future.