I suspect you’re right about this. As I’m sure you know, the same is true when publishing on Amazon. The best advert for your last book is your next book. I think that’s also true on Medium.

Personally I don’t promote my work anywhere. At all. Does it hurt my numbers? Possibly. But I’ve played the promotion game and found it barely moves the needle. I’d rather just write.

Then again, I make next to no money on Medium, so make of that what you will.