In the last three years, I earned about $250 from Medium. In other words, I have earned 5x my annual subscription fee.

As I am a bottom writer, seldom getting more than 200 claps per article, I have to wonder at the payout for more popular writers. Most are still not making minimum wage for their work, but they must be earning 20x their subscription fee.

From my perspective, I can't see how Medium is making a profit.

But there is an over-supply of good writers here.

Kind of like the oversupply of second-rate musicians. They seem to be having fun with their hobby. A few are making a living.