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.