At the height of the knowledge economy boom, Fan Deng, a “scholar”, redefined the ancient skill of “storytelling” and built a leading brand in the paid knowledge industry. Starting from the unique perspective of “reading”, Fanshu has become a remarkable success model in digital content entrepreneurship. In less than ten years, the number of registered users has exceeded 62 million, and the total listening time of users has exceeded 870 million hours. It has become a head knowledge payment enterprise with “reading” products and services as its core business. So, how did Fan Deng do it? In essence, Fanshu has successfully built a sound digital content business ecology – an online and offline digital content value transmission ecology, a platform digital content business incubation ecology, and diversified development of digital content value. Fan Shu has solved the inherent problems in knowledge payment, which are difficult to accumulate users, promote products and transform income. It has completed the “supply side” reform 2and formed a more complex and diversified ecology. The integrated, spiralling, and continuously iterating ecosystem created by combining the three subsystems opens a road of ecologically sustainable growth in the “chaotic blue sea” of digital content. It becomes the forerunner in advocating and promoting national reading.