August was Medium's first profitable month -- ever
In a blog post, Medium CEO Tony Stubblebine reveals that the online publishing platform had its first profitable month ever.
August was online publishing platform Medium’s first profitable month — ever.
That’s according to Medium CEO Tony Stubblebine, who on Wednesday published a recap of Medium’s recent digital Medium Day 2024 conference. Stubblebine says that Medium had over a million subscribers as of April, and that more members “than ever before” are subscribing to the company’s paid plans. (He didn’t volunteer a breakdown for that second claim.)
Stubblebine had previously pledged Medium would reach profitability this year.
“There’s a side story about how good engineering has saved us money on our server bills,” Stubblebine writes. “But mostly it was as simple as making something members wanted to subscribe to … Even as we cut other costs to make Medium profitable, we paid the writers more.”
As a private company, Medium doesn’t report earnings. But, given that the company’s cheapest monthly plan is $5 and its cheapest annual plan is $50, we can estimate that Medium’s revenue is currently somewhere around $50 million (on the low end) or $60 million (on the high end). AppFigures, an app analytics firm, tells TechCrunch that it believes Medium has grossed $8.9 million in 2024 so far from its mobile app alone — a 69% jump from mobile revenue in same period last year ($5.3 million).