The advent of digital media in the 80s obviously altered the existing media landscape in terms of content, consumption, and effect. What implication has the widened media content, media consumption, and media effect have on corporate reputation of businesses especially in developing economies like Nigeria with low media infrastructure and fragmented audience? With obvious weak audience financial capacity in most developing countries, what is the level and impact of audience media consumption on corporate reputation? Is the corporate world in a developing country like Nigeria a gainer or loser in comparison with the developed economies in this digital media divide? There seems to be a dichotomy of effects of digital media consumption and corporate reputation in the two divides. Interrogating and establishing the nexus between the two forms the thesis of this paper. Purely conceptual in form, the paper employs extensive literature analysis to lay the theoretical foundation for the paper. The outcome of this deep analysis forms the framework for digital media consumption and corporate reputation management in developing economies especially in Nigeria.