There's a simple narrative about Medium that they pivoted too much, screwed over writers, and failed. Meanwhile, Substack ate their lunch.
The truth is a lot more complex and interesting than that.
For example, in 2021 I'm fairly certain Medium did more revenue than Substack.
The truth is a lot more complex and interesting than that.
For example, in 2021 I'm fairly certain Medium did more revenue than Substack.
In early 2021 Medium said they had 725k subs, which implies $43m ARR. They keep 50% according to Techcrunch, so that's at least $20m in annual revenue.
Substack reportedly had $9m from their 10% take rate.
This is just an estimate! But there's a pretty good margin of safety.
Substack reportedly had $9m from their 10% take rate.
This is just an estimate! But there's a pretty good margin of safety.
Also, I would bet a large sum of money that Substack is growing faster.
But the point is, the simple bear narrative around Medium is probably more complex and interesting than it seems.
But the point is, the simple bear narrative around Medium is probably more complex and interesting than it seems.
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