The podcast discusses the shifting tech landscape, from Reddit's IPO to X pivoting to video. They tackle where Medium fits in the information space, journalism challenges, and misaligned incentives in the media business. Also, they delve into Reddit's advertising strategy, future prospects, and the complex dynamics of social media platforms like TikTok amid geopolitical tensions and commercial interests.
Medium prioritizes expert content over personal brands, promoting impactful writing without needing a large audience.
Medium's focus on text-based content values depth and critical thinking, standing out in a video-centric digital landscape.
Medium emphasizes substance and storytelling over fleeting trends, highlighting the power of transformative communication.
Deep dives
Revolutionizing Content Creation and Distribution on the Internet
Medium serves as a counter-narrative to the creator and attention economies, aiming to bring real stories from real people to the forefront. The platform targets professional expertise over building an audience, providing space for impactful pieces of writing without the need for personal brands to thrive. It stands out in its ability to promote content on an individual article level, focusing on quality and substance over following trends.
Defining Medium's Niche in the Content Space
Medium's focus on text-based content, specifically writing, sets it apart in an era shifting towards video and audio formats. The platform sees value in the depth and critical thinking that writing encourages, contrasting with visual media. While acknowledging evolving consumer habits, Medium remains rooted in the belief that writing fosters a unique cognitive process and enables transformative communication.
Resisting the Attention Economy and Emphasizing Quality Over Quantity
As other platforms cater to fleeting attention spans and rapid consumption, Medium stands firm in its commitment to meaningful writing that transcends mere information delivery. The platform prioritizes depth, thoughtfulness, and the power of storytelling, valuing the transformative impact of great writing over fleeting attention metrics. Medium's focus on substance over surface aligns with a vision beyond engagement metrics to champion impactful and enduring content.
Advertising Evolution and Impact
The evolution and impact of advertising is discussed, highlighting how advertising has shifted over time from its influence in culture to modern-day challenges. The podcast delves into the role of advertising agencies like Widen and Kennedy and their impact on brands such as Nike and Honda. It emphasizes the changing landscape of advertising from traditional 30-second spots to today's digital marketing strategies.
Medium's Business Model and Content Curation
The conversation shifts towards Medium's business model and unique positioning in the online content space. The podcast covers Medium's member-funded approach, contrasting it with platforms like Substack. It explores the curated editorial approach Medium is taking, aiming to differentiate itself by offering a bundled subscription model for readers. The discussion also touches on the challenges faced by traditional media and the shifting dynamics within the professional media industry.
As Alex says, the ground is shifting more and faster than it has in some time in the tech world, which usually means gaping craters are opened to swallow up media companies. We discuss the Reddit IPO, X apparently pivoting to video – we recorded this prior to Don Lemmon announcing he wouldn’t be launching his show on X after an apparently disastrous interview with Elon Musk pissed off Musk, go figure – and the effort to ban TikTok.
We also have a guest this week. Tony Stubblebine joined us to discuss where Medium fits in the information space. We talked to Tony about how Medium aims to be the place for expert content, why journalism is apparently expensive to produce because journalists have to learn about the stuff they cover, and the frequent misalignment of incentives in the media business, particularly ones reliant on advertising.