Medium Lays Off A Third of Its Staff, Realizes Stealing Underpants is Not a Viable Business Model | The Digital Reader
About three months back I predicted that Medium would pivot for the fourth time and/or take a buyout offer within a couple years (if it doesn't go bankrupt first). I should have been more bold with the time frame. Medium founder Ev Williams just announced that the startup has fired a third of its staff, "eliminating 50 jobs, mostly in sales, support, and other business functions". The startup hasn't found a way to make money selling ads: We set out to build a better publishing platform — one that allowed anyone to offer their stories and ideas to the world and that helped the great ones rise to the top. In 2016, we made big investments in teams and technology aimed at attracting and migrating commercial publishers to Medium. And in order to get these publishers paid, we built out and started selling our first ad products. This strategy worked in terms of driving growth, as well as improving the volume and consistency of great content. Some of the web’s best publishers are now on Medium, and we’re happy to work with them every day. We also saw interest from many big brands and promising results from several content marketing [...]