I just posted my own question as a reply to this statement, and based on Tony's explanation of 'sectors' where reading engagement is now earning less due to the same people reading a writer's stories, it means that publications now no longer hold any value. And neither does the new featured articles thing.

If a writer now submits an article to a publication, then it usually means that only readers who follow that publication will be the ones to see it and read it. At least that's how I'm understanding this, and it goes against everything Medium has been about since day one!