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From a global vision of journalism innovation, this article presents a matrix that analyses and measures an innovation index of market-specific media initiatives, providing a valuable tool for comparative analysis. A method has been designed that consists of (1) sample collection and selection, and (2) the quantitative and qualitative analysis of each innovation identified in the cases studied. With the aim of generating an Index of Media Innovation, 25 of the most innovative cases within the field of reference in Spain were studied during the period 2013–2014 through a database consisting of 196 innovations that were analysed as a function of area, degree and technological basis. The results indicate that, in Spain, journalism innovation occurs at the margins of the traditional news industry and, for the most part, innovation is expanding among digital native media outlets, niche initiatives and start-ups.