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Medium CEO Tony Stubblebine declared Friday, the Publishing Platform has been profitable since August last year First acquired this stage. In postStubblebine explains that this goal achieving this goal, which reaches this goal, which has the reconstruction of product changes, investor reconstruction, re-office space, space, floors and other difficult cost cutting measures.
Its post offers a deep dive to what happened to start to achieve a turning and the hard choices to be done.
According to Stubblebine, the company lost $ 2.6 million a month when he joined in 2022. He also lost subscribers and was outside the investor’s financing and the buyer was not.
He said that the company left alone with one choice: “Average affordable or closing.”
The difficulties of the platform brought high-quality professional editorial content, which offer a group of subscriptions, which offer a group of subscribers, which wrote a written written written, which also drew attention to the classes of amateur writers on the platform.
When the CEO joined, the average membership increased by 760,000, but lost money every month. Stubblebine said he had to get out of the hole. Presented a way to add human experience to the fronts of the product, medium, recommendations Increasechanged Partner Program Promotions rewarded the thoughtful writing and added one Fruitless Means that allows the implementation of publications and promote other stories of other interest.
In terms of financial, $ 37 million loans are obliged to $ 37 million and investors have made an additional $ 225 million liquidation advantages (let investors retrieve their money before employee returns). His management was both very complicated and the main company demanded the approval of the investor between five separate tranches before making decisions.
To correct these problems and the right ship, the average responded to the average, eliminated liquidation advantages and investors simplified only one tranche. Also, the two sold to him and closed one third.
He tried to clean the lid table with investors with investors again, criticism, medium, Stubblebine again with investors. But after a year, the idea was removed for the first time, CEO figured what to do to save the company.
“Investor reconstructed a slightly sweet point. The job was to be good enough to get rid of, but it is not so good for other choices.
“I had to turn the business loans I give to credit owners to capital or management, and then again to create enough ownership for the rest of investors,” said Stubblebine. 113 Investors were given special rights such as 113 investors, and their investor shares were diluted and roles of liquidation and management roles. (He also shouted in VC, which is easy to work as partners, including Ross Fubini XYZMark Suzer This Advance, BreRelock, Sparkand A16Z.)
The average costs are both, both, and from 250 to 277 to 277 to $ 77 and from $ 1.5 million to $ 900,000. At the same time, a office rental, which has to pay $ 145,000 per month for 120 tables in San Francisco. Employees were given a new capital because “Cram-Lower Round” was likely to be worthless.
Once 600 million dollars valued platform, all these changes did not share a new assessment, but of course it is lower.
“… We do not have an ego on this present,” said Stubblebine. “But I will not tell you that this is because this is a comparison point with other beginnings. We are affordable and they are a comparison point that serves us better,” he said.
