A display medium comprises a flat member that reflects light, in which the flat member is divided into a plurality of unit cells, and each of the plurality of unit cells is divided into a predetermined number of subcells corresponding to a predetermined number of azimuth angles. Projecting members having a light-blocking surface are formed perpendicular to the flat member on top of the flat member and parallel to a predetermined azimuth angle in each subcell corresponding to the predetermined azimuth angle. The subcells include a plurality of microcells for expressing a color of the content