Williams soured on the ad market, he said, after coming to believe it leads directly to mindless clickbait, fake news, and other undesirable content. “It’s clear that the broken system is ad-driven media on the internet,” Williams wrote. “It simply doesn’t serve people. In fact, it’s not designed to.” (Disclosure: The Verge is ad-driven media on the internet.) What Williams didn’t say is that the online advertising market is hypercompetitive, and has been mostly sewn up by Facebook and Google. Which means Medium might not ever grow as big as its investors hoped for, no matter how many publishers it signed up.