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Publishers are leaving Medium, the crowdsourced-based content platform, amid business changes that make It harder for them to make money. Most notably in the last month, Bill Simmon's sports/culture blog The Ringer moved to Vox and Condé Nast's tech blog BackChannel moved to Wired.

Why it matters: Medium's long-term solution to this problem is to wait until its subscription model is out of beta and revenues will go up. But their interim strategy of retaining publishers despite having no short-term revenue plan is failing. Medium's struggle is shared by other internet publishers struggling to figure out how to build a sustainable long-term subscription model while ad revenues collapse in the wake of Facebook and Google's dominance.

It's been hard for publishers to make money on the platform since Medium announced in January that it was pivoting its business model away from ad-supported content towards a subscription model. A lot of these publishers initially joined Medium last year because of the ad revenue cut (among other benefits), but with Medium's subscription-supported revenue model still in beta, publishers haven't seen short-term benefits of staying within the platform.

Who's ditched:

  • June 9: BackChannel: "In the time since Backchannel launched, Medium has shifted its business strategy, and it's no longer as focused on helping publications like ours profit," BackChannel Editor Jessi Hempel said in a blog post.
  • May 30:The Ringer: "This partnership allows us to remain independent while leveraging two of the things that Vox Media is great at: sales and technology," The Ringer founder Bill Simmons in a statement.
  • May 16: Pacific Standard editor-in-chief Nicholas Jackson says it's building its own site to migrate to that will better drive subscription growth, in an email to Poynter.
  • May 10: Film School Rejects: "We'd love to be able to do this all without any ads, but there's no money in that," publisher Neil Miller said in a statement.
  • April 1: War is Boring announced that it left Medium in April to use its own proprietary platform.

Go deeper

Neera Tanden withdraws nomination for Office of Management and Budget director

Neera Tanden testifying before the Senate Budget Committee in Washington, D.C., in February 2021. Photo: Anna Moneymaker/The New York Times/Bloomberg via Getty Images

Neera Tanden withdrew her name from nomination to lead the Office of Management and Budget, President Biden announced Tuesday.

Why it matters: Tanden’s nomination was already in peril after several senators voiced opposition and concern about her qualifications and past combative tweets.

What's ahead for the newest female CEOs

Jane Fraser (L) and Rosalind Brewer. Photos: Jason Redmond/AFP via Getty Images; Rodrigo Capote/Bloomberg via Getty Images.

The number of women at the helm of America’s biggest companies pales in comparison to men, but is newly growing — and their tasks are huge.

What's going on: Jane Fraser took over at Citigroup this week, the first woman to ever lead a major U.S. bank. Rosalind Brewer will take the reins at Walgreens in the coming weeks (March 15) — a company that's been run by white men for more than a century.

2 hours ago - Health

Biden says U.S. will have enough vaccines for 300 million adults by end of May

President Biden. Photo: Anna Moneymaker-Pool/Getty Images

President Biden on Tuesday said that ramped-up coronavirus vaccine production will provide enough doses for 300 million Americans by the end May.

Why it matters: That's two months sooner than Biden's previous promise of enough vaccines for all American adults by the end of July.