That depends. The almost simultaneous change to the earnings formula and the boost programme might have been devised for one to mask and run interference for the other, allowing Medium simply to reduce the overall pot paid out to writers in all the confusion.

If that's how the books were balanced, rather than by attracting new subscribers through showcasing more appealing stories, then writers would have been better off before - but not equity owners or lenders. Though if losses led to the plug being pulled for good, then no one would benefit, that's for sure.