I'm certainly not arguing against your point. I didn't work at Medium but I had insight into their operations at the time and they didn't really seem to have a coherent vision to make money 12 or so years ago. My comparison of the two is more around their similar goals and audience, which was giving great (or interesting) writers a home for their projects and audiences and somehow make money. Medium was saying the financial part would happen down the line and it was a can they kicked for a long time. Medium seemed more interested in talking about their technology and aesthetics than they did on figuring out the crucial parts. Substack got it right doing what Patreon (and even Twitch) had already proved, people will pay up front for the writers/creators they love.That said Medium did pay higher profile writers and publications to move to their platform (in some cases quite a bit of money) in a similar way that Substack has, which was to dip into the VC funded bank account.
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