The Media Systems project identifies key opportunities, challenges, and recommendations for the future of creating and understanding media — a future in which computation will play an increasingly important role. The project began with the Media Systems convening (held at UC Santa Cruz in 2012), which brought together field-leading participants from media-focused computer science, digital art, and the digital humanities — located in and across universities, industry, federal agencies, publishers, and other stakeholders in the future of media. Different participants focused on diverse aspects of how new media forms are impacting culture, education, the economy, and other areas of national importance, using examples ranging from the World Wide Web to computer animation, and from video games to social media. Participants engaged in deep conversation focused on a coherent set of shared activities, which comprise computational media. A Digital Humanities Cooperative Agreement (HC-50011-12) provided funds to support the travel and participation in the convening of eight humanities and humanities-related interdisciplinary scholars. The workshop was co-funded by the National Science Foundation, the National Endowment for the Arts, and Microsoft Research.