The long, complicated, and extremely frustrating history of Medium

Many of them were able to head back to legacy publications or other ventures when their Medium publications folded; people whose careers weren’t as established, or who were starting publications on Medium from scratch, often haven’t been so lucky. Even if Medium never raises more money from VCs, Williams’ personal wealth hovers in the wings as a possible savior — if not to the entire publishing industry (definitely not), then maybe to some individual publication. One big thing that sets Medium apart from other unsuccessful media ventures is that its flow of money has never been completely shut off.

Source: www.niemanlab.org