Medium Says It Can’t Make Money Selling Ads So It’s Laying Off a Third of Its Staff
Medium CEO Ev Williams says his company’s ad-based business model isn’t working, and the startup is laying off 50 employees and closing its offices in New York and Washington, D.C., as a result.
That’s about one third of the company’s employees.
In a blog post shared on Wednesday, Williams said he wants to move away from ad-supported content, which is how most stuff on the internet generates revenue. Williams described that business model, which is almost entirely dependent on clicks and views, as a “broken system.”