They used to have zero revenue and deep investor pockets. Now they have growing revenue and still have deep investor pockets. There's ways for them to disappear, but fewer than there used to be.
Re: distribution.
On a typical article, 80% of page views comes from within the Medium network through promotion by the Medium algorithm. Those page views (and even the followers of our publication) are readers that Medium sourced by publishing lots of other articles than ours. Their algorithm is much more reliable at driving 10k's or 100k's of readers than my other choices: mailing list, reddit, hackernews, SEO.
I’m not a fan of Medium (mainly because of the UI both on mobile and desktop) but it doesn’t seem like you have anything to back up what you are saying.
I answered this above too. Medium finds me readers, both a lot of readers and high quality readers.
They break out their stats by how many readers came directly from promotion throughout the Medium network. For a typical article, that can be in the 10k's of readers.
I didn't mention this above though, which is that Medium readers seem to be very high quality. They share posts out on social media, so they're good for helping get the word out, and a lot of them are people I end up meeting in other contexts.
I have one post from October that's creeping up on 1M readers. I never would have been able to get that many people to read it on my own.