Fell in a hole, got out.
I’m gonna write the wonky post of Medium’s turnaround . I’m not sure if a company is allowed to be this blunt about how bad things were. But it’s very much of the Medium ethos that if something interesting happened to you, then you should write it up and share it. So hopefully this will give some inside info about what happens to a startup in distress, and one way to approach a financial, brand, product, and community turnaround. I’ll throw in a full investor recap to round it out. To be clear to the Medium community: the cleanup is behind us and now we are onto being ambitiously good at serving readers and writers. In 2022, Medium was losing $2.6M each month . We were also losing subscribers so you couldn’t even look at that spend as an investment in growth. Internally, we were kind of ashamed of the stories we were paying and promoting as winners on the platform. Our subscribers were less kind — calling out that we were swamped with get-rich-quick trash (and worse). Then ...
