As of today, we are reducing our team by about one third — eliminating 50 jobs … we are shutting our offices in New York and Washington D.C.
The usual thought comes to mind: Medium is dying, save your content as long as you can.
in building out this model, we realized we didn’t yet have the right solution to the big question of driving payment for quality content.
Medium reflected on their business model and decided that they have become part of the problem they wanted to solve in the first place.
If all this is true you have to show some respect to them. They have a bigger picture in mind and they think they cannot reach it with the current model. Now they take another chance to try it again.
I for myself think it's a good choice to restart something when you think is bad. To try again to create something good from it. One step at a time. This almost always includes hard decisions and other people will tell you that you made the wrong choices. I wish Medium good luck with this next iteration.
Now, please go and backup your content. If they don't reach their goal a second time it might be gone for good.