Harvard Case - Medium in 2017: Developing a New Model for Media
"Medium in 2017: Developing a New Model for Media" Harvard business case study is written by Robert Siegel, Matthew Saucedo. It deals with the challenges in the field of Service Management. The case study is 18 page(s) long and it was first published on : Aug 20, 2017
At Fern Fort University, we recommend that Medium focus on a multi-pronged strategy to develop a new model for media, leveraging its existing strengths and adapting to the evolving digital landscape. This strategy involves:
- Reinforcing its core value proposition: Medium should continue to focus on high-quality, long-form content, while diversifying its content offerings to attract a broader audience.
- Embracing a platform-based approach: Medium should leverage its platform to facilitate interactions between creators and readers, fostering a vibrant community and driving engagement.
- Developing a sustainable revenue model: Medium should explore multiple revenue streams, including subscriptions, advertising, and partnerships, to ensure long-term financial stability.
2. Background
Medium, founded in 2012, aimed to create a platform for high-quality, long-form content, free from the distractions and algorithms of other social media platforms. The platform gained traction with writers and readers seeking a more thoughtful and engaging online experience. However, by 2017, Medium faced challenges in its business model, struggling to attract a large enough user base and generate sufficient revenue. The case study explores the company's need to develop a new model for media that would ensure its long-term success.
The main protagonists of the case study are:
- Ev Williams: Co-founder and CEO of Medium, responsible for the company's vision and strategy.
- Medium's team: The team responsible for developing and executing Medium's strategy, including product development, marketing, and operations.
- Medium's users: Writers and readers who contribute to and consume content on the platform.
3. Analysis of the Case Study
To analyze Medium's situation, we can apply a framework that considers both internal and external factors:
Internal Analysis:
- Strengths:
- High-quality content: Medium is known for its focus on long-form, thoughtful content.
- Strong brand: Medium has a strong brand reputation for quality and engagement.
- Engaging platform: The platform's design encourages reading and interaction.
- Weaknesses:
- Limited revenue model: Medium's reliance on advertising and membership fees has not been sufficient to sustain growth.
- Lack of user growth: The platform has struggled to attract a large enough user base.
- Content discovery challenges: Users often find it difficult to discover new and interesting content.
External Analysis:
- Opportunities:
- Growing demand for high-quality content: Consumers are increasingly seeking out in-depth, insightful content.
- Rise of subscription models: Subscription-based models are becoming increasingly popular in the media industry.
- Emerging technologies: Technologies like AI and machine learning can be used to enhance content discovery and personalize user experiences.
- Threats:
- Competition from established platforms: Medium faces competition from established platforms like Facebook and Twitter.
- Changing consumer behavior: Consumers are increasingly consuming content on mobile devices, presenting challenges for long-form content platforms.
- Ad-blocking technology: Ad-blocking technology is becoming more prevalent, impacting platforms that rely heavily on advertising revenue.
SWOT Analysis Summary:
| Strengths | Weaknesses | Opportunities | Threats |
|---|---|---|---|
| High-quality content | Limited revenue model | Growing demand for high-quality content | Competition from established platforms |
| Strong brand | Lack of user growth | Rise of subscription models | Changing consumer behavior |
| Engaging platform | Content discovery challenges | Emerging technologies | Ad-blocking technology |
4. Recommendations
To address Medium's challenges and capitalize on its opportunities, we recommend the following:
1. Reinforce Core Value Proposition:
- Diversify content offerings: Medium should expand beyond its focus on personal essays and explore new content formats, such as podcasts, video, and interactive content. This will attract a wider audience and cater to different consumption preferences.
- Curate and promote high-quality content: Medium should invest in content curation and promotion strategies to ensure that its platform features the best and most engaging content. This can be achieved through editorial teams, algorithmic recommendations, and partnerships with influential writers and publications.
- Foster a community of creators: Medium should create a supportive environment for writers and creators by offering tools, resources, and opportunities for collaboration. This will encourage content creation and contribute to the platform's vibrancy.
2. Embrace a Platform-Based Approach:
- Enhance user interaction: Medium should prioritize features that facilitate interaction between creators and readers, such as comments, reactions, and Q&A sessions. This will foster a sense of community and encourage engagement.
- Develop a robust discovery engine: Medium should invest in a sophisticated content discovery engine that uses AI and machine learning to personalize recommendations and connect users with content that aligns with their interests.
- Promote content sharing: Medium should make it easy for users to share content on other social media platforms and encourage cross-promotion. This will increase the platform's reach and visibility.
3. Develop a Sustainable Revenue Model:
- Implement a tiered subscription model: Medium should offer different subscription tiers with varying benefits, such as ad-free reading, exclusive content, and early access to features. This will provide users with more value and encourage them to pay for premium content.
- Explore advertising opportunities: Medium should explore new and innovative advertising formats that are less intrusive and more relevant to users. This can include native advertising, sponsored content, and contextual advertising.
- Partner with businesses and organizations: Medium should partner with businesses and organizations to create sponsored content, host events, and promote their products and services. This will generate revenue and provide value to both parties.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: These recommendations align with Medium's core competency of providing high-quality, long-form content and its mission of creating a platform for thoughtful discourse.
- External customers and internal clients: The recommendations address the needs of both writers and readers, providing value for both groups and fostering a thriving community.
- Competitors: The recommendations acknowledge the competitive landscape and aim to differentiate Medium from other platforms by focusing on its unique strengths and providing a more engaging user experience.
- Attractiveness: The recommendations are designed to be financially attractive, with the potential to generate revenue through subscriptions, advertising, and partnerships.
6. Conclusion
By implementing these recommendations, Medium can develop a new model for media that leverages its strengths, adapts to the evolving digital landscape, and ensures its long-term success. By focusing on high-quality content, fostering a vibrant community, and developing a sustainable revenue model, Medium can become a leading platform for thoughtful discourse and engagement.
7. Discussion
Other Alternatives:
- Focusing solely on advertising: This could lead to a decline in content quality and user experience as Medium prioritizes revenue over engagement.
- Merging with another company: This could dilute Medium's brand and identity and potentially lead to a loss of control over the platform.
Risks and Key Assumptions:
- Competition: The media landscape is highly competitive, and Medium may face challenges from established platforms.
- User adoption: The success of the recommendations depends on user adoption of the new features and services.
- Technology: The rapid pace of technological change could make it difficult for Medium to keep up with the latest trends.
8. Next Steps
- Develop a detailed implementation plan: This plan should outline the specific steps, timelines, and resources required to implement the recommendations.
- Conduct market research: Medium should conduct market research to gather insights into user preferences and identify potential opportunities for growth.
- Pilot test new features: Medium should pilot test new features and services before launching them to the wider user base.
- Monitor performance and make adjustments: Medium should continuously monitor the performance of its initiatives and make adjustments as needed to optimize its strategy.
By taking these steps, Medium can effectively implement its new model for media and achieve its goals of growth, profitability, and long-term success.
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Case Description
The Medium Corporation seeks to change how people author, consume and engage with content on the Internet. Founded by Ev Williams, co-founder of Blogger and Twitter, the company developed a digital publishing platform and set of social network tools that allow people to spend substantive time with weighty issues facing society, business and politics. Fighting the trend of quick engagement with short-form content on the Internet, Medium wrestles with how to deliver an experience that advances important topics with ease, flexibility, and meaning, while working to build a large and successful company. The challenges of building a successful digital media company, balancing tool development with content curation, and developing a successful monetization model are the core topics facing the firm's leadership team.
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