Medium cuts staff by a third as 'broken' ad model fails

Online publishing firm Medium has revealed it is to lay-off 50 workers, equivalent to a third of its workforce, after CEO Ev Williams conceded that the companies business model wasn’t working.
The energetic start-up has secured more than $130m from investors such as Google Ventures but has thus far struggled to make money of its own by selling ads, prompting a radical change in tack from what Williams describes as a ‘broken system’.
Outlining the cost cutting programme in a blo