Medium Business Model- How Does Medium Make Money

Introduction:

Content is everywhere. Right from the morning dose of news to social media content- information and insights consume a legit part of our day. While people prefer reading pieces of information that keeps them updated, the Plain facts cannot serve the purpose of knowing or understanding any topic or issue from a bigger perspective. For knowledge geeks, in particular, the thirst for learning more and digging deep into a myriad of perspectives always keeps the demand up for producing authentic and high-quality content. 

Although Reddit, Twitter, and Quora are deemed as the apps for geeks, there’s a bridge that’s been unbuilt. Somewhere the curiosity of delving deep into philosophy, art, science, literature, politics, etc.: a pinch of intellectual perspective in the long-length form was missing. Blogging and Q and A sites like Quora paved the way for proactive discussions and insight sharing platforms. 

The segment was unique and had a defined audience. This segment of differentiated readers generated a competitive market for online long-form content. With increased competition, many online publishing services started recognizing the importance of authentic content. The kind of stories, opinions, and insights that defies no character limit, need of visual representation, and those which cannot be found elsewhere– that’s the segment we are talking about. 

About Medium:

Technically, Medium is an open online publishing platform where readers can explore expert insights and budding opinions from writers worldwide. Unlike the other content platforms, Medium focuses and invests in content that makes readers curious. It is not a platform like Twitter or Instagram, where users must abide by the character limit and cram their opinion in a few sentences. The reader and writer community comes from diverse backgrounds, thereby setting the content quality standards high. 

How Medium works:

Compelling stories, interesting insights, and thought-provoking opinions are the essence of Medium. 

The fact that Medium thrives on the concept of mutual growth- both for writers and the platform alike- helped Medium in acquiring organic growth. Although there are tonnes of platforms that offer insightful content for free, Medium’s Moderation team does a great job in benchmarking content quality. Medium has a defined reader base and their reach strategy solely targets the readers who are likely inclined towards learning or reading more– Readers who value time, convenience, and quality. 

Even leading publications like The Economist, Sports Illustrated, etc post editorials on this platform considering the huge authentic reader base. The editorial picks and AI-run strategy push personalized content recommendations and make a reader find interesting content that they might like. 

The best part of Medium is its user experience. While the other content platforms push business ads (a potential distraction), Medium focuses on pushing its content. The page design is minimalistic and reader-friendly. The lack of display ads makes users want to read more and stay on the same page to explore more articles. Before posting any article, the author must make sure that the content satisfies all the content benchmarks. 

Tips for writing better on Medium: 

Being an open publisher, Medium is the best platform to experiment with different writing styles to improve one’s efficiency. It’s both rewarding and enriching to get into the habit of writing long length pieces. But the crowd on Medium is smart and defined. What works for one writer might not work for another writer. However, there are some tried and tested writing styles that helped both experienced and newbie writers alike. Although quality is the key to gaining more reader-likeability, there are some basic yet, important ground rules. Here are some of them:

  • Catchy titles are a sure shot to get the attention of readers. The title is everything. Maybe one wouldn’t judge a book by its cover, but they definitely judge the content based on its title. Even if you write well-researched, nail-biting, and precise articles, it’s all in vain if you can’t keep the reader hooked to the screen. Make sure your title gives a glimpse of what awaits the scroll. Be quirky and go creative.
  • An attractive cover image is always an advantage to gain the reader’s attention in a short span of time. Use images with good resolution that visually represent your article’s idea. 
  • Plagiarism is a big No-No on any platform. Medium rewards authentic ideas and perspectives in its own way. Make sure your content is original and precise.
  • Content marketing and call to action might not work wonders on Medium. Although they are an excellent way to connect with users via blogging, this platform is different. The readers here are subscribers who pay only to read content that’s insightful. If your article’s sole purpose is to sell a product or service, Medium is not the right platform.
  • Do not meddle with sensitive content unless and until you are an authorized or licensed person. Handing out health advice or unproven theories might lead to banning your account. Refrain from writing about pseudoscience or beliefs that propagate hate and violence. 

How Medium Makes Money:

Medium attracts people from diverse platforms- from students to Politicians, everybody can explore the nitty-gritty of insightful content. Their monetization model is its subscription charges, i.e., USD 5 per month and USD 50 per year. With a Medium premium subscription, one gets access to:

  • Personalized content recommendations from leading publishers
  • The audio version of most-read articles
  • Exclusive columns
  • Themed collections
  • online magazine

and some interesting sneak peeks. 

Conclusion:

With social media storming over microblogging, readers with a knack for long-form articles are always in the search for insightful content. That is what Medium offers: content worth reading. Not only can one make the best use of this platform, but also widen their insights. 

To read the business model of Canva, refer to this link. 

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