Media literacy is one of today's most important competencies, in a society that doesn't regulate massive amounts of new information and content of which many are untrue and harmful. Due to the importance of media literacy, there is a large amount of media literacy initiatives and media literacy is being introduced in general education but attempts at raising the general level of media literacy have a problem of quantifying their results. The problem of quantifying begins with the definition of media literacy, for which exists a generally accepted definition with specific dimensions, but despite that, new research expands the area of media literacy, introduces their own definitions and dimensions. It's the issue that also reflects on methods of measuring media literacy, which are numerous. The main goal of the thesis was to empirically investigate and compare methods of objective and subjective measurement of media literacy, and to ascertain managerial implications of the research results. The results have shown that there are big differences between subjective and objective measures of media literacy after an analysis of demographic groups. According to results of objective measurement, women, young people, people with average income, college-educated people and people who regularly follow news show higher levels of media literacy, in contrast to results of subjective measurement which set other groups like males, older people, rich people, uneducated people and those who do not follow news at all on similar or same level of media literacy. In conclusion, it's in the manager's interests for consumers to have a high level of media literacy because it leads to an increase in buying intent. To achieve that, managers need to focus not only on future generations, but also on groups that have been forsaken by current media initiatives such as older people, and to work ethically so that negative applications of media literacy by consumers could be avoided.