The New York Post reports that the online publishing platform, Medium, is looking to scale back its journalism efforts as CEO Ev Williams revealed the sweeping changes.
According to Williams’s blog post, Medium wants to reduce its investments in digital publications that it launched in 2019. Furthermore, the media outlet wants to use its funds for the recruitment of independent writers.
“I know uncertainty and change are difficult — especially if you’re not calling the shots,” Williams said. “I want to commend everyone on this team for jumping into the unknown when you joined. And helping us collectively learn and make adjustments along the way.”
“I also want to give an option to those who would rather get off this crazy ride. To that end, we’re offering to everyone in editorial a voluntary separation program (VSP).”
The Post reports that some 80 staffers received the separation packages offered from Medium, including a lump-sum payment equivalent to five months pay and six months of health care.
Despite the company being only seven years old, this transition to scale back its journalism marks the third shift in strategy. In the past, Medium shifted away from an ad-supported business model. The media outlet then went to a subscription-based model for $5 per month.
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
