In general though, we love being subscription driven rather than ad driven and I don't expect that to change.
For the consumer, it's very much not like "see 5 articles and now you got me as a subscriber".
I'm not sure what your ratio of free-to-premium content is, but I have a feeling it needs to skew more towards the free side to build engagement again. I hardly ever go on Medium now, but I used to a lot.
It's really interesting to see different perspectives here (especially yours, as the CEO). To me, I feel the opposite: I would rather know immediately on page load if I'm going to be allowed to read the whole article or not. If I get 1/3 of the way through and then get hit with a paywall, I get really frustrated, and even if I would consider subscribing, that frustration pushes me away.