Twitter Cofounder’s “New Media Platform” Medium Is Laying Off One-Third Of Its Staff, Closing Two Offices

Maybe it's confirmation that "new media" has it as hard as the "legacy" paper-based one; maybe it's just the Twitter curse, or maybe he is just genuinely unhappy with what his product turned out to be. Whatever the reason, Evan Williams cofounder of Twitter, announced that he is eliminating a third of the staff, and shuttering two offices of Medium, a company he created in 2012 to become a "new model for media on the internet" and is also "changing our business model to more directly drive the mission we set out on originally." In a blog post, Williams said that the publishing platform will be shutting two offices in New York and Washington D.C. "to stay efficient." Most of the laid off employees are in sales or other business functions, leaving the engineering and product teams largely intact. The downsizing comes as the company looks to change its business model after it felt that it was "falling short" of its original goals. According to Williams' original mission, Medium was supposed to be a "new model for media on the internet." However, the startup didn't exactly pioneer a new path when in October it announced that it was going to be rolling out native ad campaigns and sponsored posts on the site.  Medium has now changed its mind about that direction and the startup says it will be looking at a new way to support the internet's writers and creators. Ironically, Williams writes that "upon further reflection, it’s clear that the broken system is ad-driven media on the internet. It simply doesn’t serve people… So, we are shifting our resources and attention to defining a new model for writers and creators to be rewarded, based on the value they’re creating for people. And toward building a transformational product for curious humans who want to get smarter about the world every day." To do that, Williams writes that "we decided we needed to take a different—and bolder—approach to this problem. We believe people who write and share ideas should be rewarded on their ability to enlighten and inform, not simply their ability to attract a few seconds of attention. We believe there are millions of thinking people who want to deepen their understanding of the world and are dissatisfied with what they get from traditional news and their social feeds. We believe that a better system—one that serves people—is possible. In…

Source: ZeroHedge

Twitter Cofounder's "New Media Platform" Medium Is Laying Off One-Third Of Its Staff, Closing Two Offices

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