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You know what media companies flocking to Medium reminds me of? College media on MTV's College Publisher. Remember how that worked out?
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Free hosting and here's some percent of ad revenue! Right up until it turned out to be a bad fit for MTV and then pfft goes support.
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Websites left unprepared, college media orgs lacking the people with the right skills, expensive scrambles to switch...
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The media industry on the web: making the same mistakes over and over. We. Aren't. Learning.