Medium, the San Francisco-based online publishing company created by one of the co-founders of Twitter, will be laying off 50 employees fromÂ sales, support, and other business functions, CEO Ev Williams announced on Wednesday in a notice to readers.
As part of the layoffs, , the company will also close offices in New York and Washington, DC.
In the notice, WilliamsÂ blamed the concept of âad-driven media on the Internetâ as the root of the companyâs shortcomings:
Upon further reflection, itâs clear that the broken system is ad-driven media on the internet.
“It simply doesnât serve people. In fact, itâs not designed to. The vast majority of articles, videos, and other âcontentâ we all consume on a daily basis is paid forâââdirectly or indirectlyâââby corporations who are funding it in order to advance their goals. And it is measured, amplified, and rewarded based on its ability to do that. Period. As a result, we getâ¦well, what we get. And itâs getting worse,” he wrote.
Williams said theÂ company would be changing its business model, though details were left unexplained.Â “It is too soon to say exactly what this will look like. This strategy is more focused but also less proven,” said Williams.