When it launched, Medium was supposed to provide writers with a platform where they could publish articles and shake up the status quo.
On August 14, 2012, when Ev Williams publicly launched Medium, he wrote, “On Medium, you can contribute often or just once in a blue moon, without the commitment of a blog. And either way, you’re publishing into a thriving, pulsing network — not a standalone website, which you alone are responsible for keeping alive.”
Williams wanted Medium to be a place where writers could express their thoughts using more than 140 characters while keeping it concise enough. In his blog post announcing the launch, he invited everyone from professional journalists to amateur cooks to publish independent web writing.
But, 10 years later, Medium is a shadow of the self it had hoped to become when it was launched. The fall of Medium was slow, but now it appears nearly unsalvageable.
The Fall of Medium
Ev Williams started Medium with an ambitious plan – to transform publishing on the Internet. Although his vision was great, the platform never really took off in the direction of his dreams. But just as Medium hits its one-decade mark, Williams announced that he will be stepping down and handing over the reins to Tony Stubblebine, the chief executive of the online coaching company Coach.me.
The fall of Medium was slow, but now it appears nearly unsalvageable. (Image: Medium)
Medium has always tried to attract writers who will publish thought-provoking works that cannot be found on social media or elsewhere on the web. But it has struggled to balance its ambitions with a sustainable business model that will keep all parties happy. In the past, the platform has experimented with a subscription model for unlimited content and even toyed with how gated content can bring in better revenue for writers. The first subscription model was launched in 2017 while it launched a referral program for writers in 2021.
By 2019, Medium had raised $132 million in venture funding and still remained unprofitable. In its heyday, it was sometimes called “YouTube for text.” But unlike YouTube, Medium has failed to bring up home-grown stars. It has mainly focused on promoting the works of already established authors and editors.
Mismatch and Multiple Models
The fall of Medium started with its inability to provide a stable environment to content creators. Another misstep by Medium was its decision to forgo social media network effects to longform writing. People turned to Twitter and Facebook because it was easier to find an audience. Medium tried to combat this by bringing in the content of Pacific Standard, Fusion, The Awl, The Ringer, and ThinkProgress exclusively on its platform. Around the same time, its revised algorithm also started favoring content from these publishers. Up and coming writers were left to fend for themselves. The algorithm seemingly buried the content of previously popular authors in favor of traditional publishers.
At the time, the engineers at Medium seemed to be trying to emulate the YouTube algorithm which would throw up new and old views tailored to your viewing habits. Initially, Medium had signed guaranteed revenue agreements with traditional publishers, but that deal was carped when it announced that it is moving towards a membership-based model. To say its relationship with traditional publishers soured, would be an understatement. Furthermore, the company hired an editorial team and launched niche publications paying top dollar to freelancers. However, internal reports showed that this method was doing little to add to Medium’s dwindling fortunes. It also experimented with paying writers based on how much engagement their posts generated.
The constant change and failure to grab a dedicated audience turned writers away from the platform, bringing in the decline of what was once supposed to be the next big thing in the blogosphere. Employees were also demotivated to see the constant pivots in strategy while competitors came up with better models. Businesses like Buzzfeed and Atlantic brought forth high quality journalism while Substack helped solo writers build decent careers.
As Stubblebine steps in, he will need to take a good hard look at all that Medium has tried before charting a course that will work for the platform and writers. Given the amount of changes it has undergone in the past 10 years, this is no mean feat.
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