For example, theSkimm will always provide better curation for urban, millennial, working women than Medium, because the former is not only dogmatically focused on that specific niche, but also pulling-from the entire universe of content to serve them. In contrast, Medium is trying to serve everyone across every interest with highly personalized... See more

My content budget is finite. I only have so much time and money to indulge this very specific itch that Stratechery scratches. The other content in the bundle is extraneous. I could take it or leave it; and I can definitely substitute it with other entertainment.

Consequently, this late in the game Medium almost has no choice but to pivot into the #4 locus of value described above: “niche focus on the demand side [like] products and services that specific consumers use to accomplish specific jobs.” Thereafter, monetization is simply a question of: ‘what can we offer that’s scarce and who wants access to... See more