Medium’s End Game: What Your Slashed Earnings Really Mean
The hidden financial crisis threatening your writing career — and what to do about it
While Medium’s leadership maintains a brave face, the evidence suggests a company in crisis. For writers who depend on Medium for income, understanding these warning signs isn’t just interesting. It’s essential.
I probably don’t have to tell you about how writers across the platform have seen their earnings slashed, and this is after the introduction of “Friends of Medium,” a premium membership tier that supposedly increases earnings given when you read someone else’s stories.
Behind the scenes, Medium’s financial health is on life support. Between 2014 and 2022, the company burned through $162 million in venture capital. While the partner program (launched in 2017) has attracted new talent, it hasn’t driven the revenue that venture capitalists demand. And make no mistake — investors don’t care about building a sustainable ecosystem for writers. They care about profit, even if that means gutting what makes Medium the place we all know and love.
By 2022, Medium was spiraling dangerously close toward bankruptcy until a $31 million investment mysteriously coincided with founder Ev Williams’ departure as CEO. But this wasn’t a simple resignation. I strongly suspect Ev was pushed out by investors frustrated with his failure to prioritize profits over product quality. His replacement, Tony Stubblebine, seemed more than a little odd. With only a single Series A startup under his belt and no successful exits (unlike Ev), Tony’s appointment suggests he may be more of a figurehead than leader. Someone the investors can control.
Why investors don’t care about writers
Writers represent a $100 million market, while readers represent a $100 billion market. Yes, you need quality writing to attract readers, but investors just see those extra zeros and ignore everything else.
Every time Medium changes its algorithm or payment structure, they frame it as an opportunity. A chance for undiscovered talent to break through, for quality to triumph over quantity. But the numbers tell a different story. Last year, I could guarantee each month I’d have at least one of my articles earn $700. Now, I’m struggling to make $10 from everything combined. And I know I’m not alone.
This pattern of exploitation left me with two choices: Accept diminishing returns or build the community I’ve always wanted.
I choose the latter.
That’s why I’m launching Koala Quill, a writing platform built on a radically different financial model. For starters, I pay writers $0.25 per read — not per thousand reads. Instead of buying ads from Facebook or Google for upwards of $2 per click, I’m giving that money to you. Without venture capital’s pressure to maximize profit at any cost, I can focus on building something that treats writers as partners. Not disposable content factories.
To maintain quality and prevent abuse, writers must spend at least 20 minutes actively writing in the editor to be eligible for monetization. No drive-by posts, no AI-generated fluff. Just real writers creating real value.
I’m guaranteeing $0.25 per read through the end of March (possibly through April or beyond) to give our community time to grow. Don’t expect thousands of readers just yet, but I’ll subsidize your earnings until that happens. As the platform develops, rates will naturally adjust, but my commitment to fair compensation won’t change.
Follow the money
Medium announced they became profitable for the first time by cutting expenses (translation: slashing your earnings). If you happen to be one of the lucky writers still making bank, just wait. Medium has every incentive to squeeze your lifeblood sooner or later.
Koala Quill is different. Being part of our community is free. Getting paid $0.25 per read is free. I only make money when you become so excited that you join premium writers guilds. This means I have every reason to make the core experience so valuable you’ll want to stick around and eventually upgrade.
On Koala Quill, you can get matched with a “quillmate” who’s online at the same time. You’ll see each other’s progress in real-time, creating the energy of an intense focus session. Your words remain private, but your stats are public.
Want more accountability? Join a guild. Put down a small stake — $2, $5, or $10 — and commit to writing consistently over several days. Complete your goal? Get your money back. Miss a deadline? Your deposit goes to writers who showed up. (I take a 10% platform fee before redistributing money to winners.)
Building a writer-first ecosystem
The cycle is predictable: A platform launches, writers build it with their content, venture capital demands returns, and creators get squeezed out.
But cycles can be broken.
Koala Quill represents a deliberate step away from this destructive pattern. We don’t need to accept that creator platforms must eventually betray their creators. Join us in proving there’s a better way forward. Where the platform creates value for you, instead of extracting it from you.
