I'm wondering if the problem isn't Medium's subscriber base. If it's dwindling--as I'm guessing it might be--the division of subscription funds is going to drop, too.

Substack may be their biggest rival now, though I'm sure there are others. Medium spends big bucks luring big names, hoping for a larger subscriber base, but then they have to pay those big names, leaving the rest of us scrabbling for what's left.

Whatever is happening, we're not getting a satisfactory inside explanation.

Someone needs to look at this entire operation with outside eyes. I'm still a Medium fan but I don't like the feeling that there's a truth out there that we're not seeing.