Medium CEO Tony Stubblebine detailed the platform's journey to profitability, achieved since August of last year. The turnaround involved significant product changes, investor restructuring, renegotiated loans, cost-cutting measures, and layoffs. The company was previously losing $2.6 million per month and facing dwindling subscribers and funding.
Key strategies included introducing Boost for human expertise in recommendations, changing Partner Program incentives, and adding a Featuring tool for publications. Financially, Medium renegotiated loans, eliminated liquidation preferences, and simplified governance. The company also sold off acquisitions and reduced its workforce from 250 to 77 employees.
Stubblebine emphasized the importance of investor restructuring, which involved diluting investor stakes and relinquishing special rights. The platform also cut cloud costs through engineering optimization and exited an expensive office lease in San Francisco. While Medium's valuation is now considerably lower than its previous $600 million, the company is focused on maintaining profitability.