  High spectral efficiency and low power consumption are the most challenging
requirements of 5G networks since the number of devices are increased
drastically. Media-based modulation (MBM) is a promising scheme in order to
achieve these requirements. In this paper, the spectral efficiency of MBM
scheme in single- and multi-user networks is studied. To find the spectral
efficiency, information theoretical methods are used and tight lower- and
upper-bounds are derived for the achievable rate. The performance of the system
is studied for both correlated and uncorrelated constellation diagrams. It is
shown that the entries of the constellation diagram for the sum rate region of
multi-user case are always correlated. The characteristic of covariance matrix
is derived and its impact on performance assessed.
