The near demise, and comeback, of Medium, an online publishing platform

17 July 2025

Tony Stubblebine, CEO of online publishing platform Medium, writing at Medium:

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.

Like many online writers I signed up for Medium — which is similar to Substack — a couple of years after its 2012 founding. A few people I knew were publishing there, and I was curious to see what it was about. I’m yet to post anything though.

But Stubblebine’s account of Medium’s ups and downs is, at times, astonishing. Particularly the amounts of money, both as investments, and in debt, that are involved. Of course, there will be plenty of people who’ll call those sums a pittance, but speaking as a boot-strapping independent online publisher, they are incredible.

The lure of publishing your work on a platform such as Medium, lies in the opportunity to be paid for it. And no doubt, some writers posting on Medium do well.

For my part, the prospect of publishing there (or on similar platforms) is tempting, but doing so just isn’t in my DNA. I’ve never liked the idea of assimilating my brand into someone else’s, something I’ve said before. Anything you do on a third-party publishing platform is doable on your own website/blog, if you are prepared to persevere.

That’s not to say I wouldn’t ever post there, and for someone like me, a platform such as Medium might be comparable to a social media channel.