That sub revenue picture is a snapshot of how customers are voting on AOL’s value to them.

Apparently not even worth the $10.00 they pay each month.

Anyone remember just three years back when AOL had around 14M subs and monthly rates were north of $20?

AOL claims that the subscription business is “low cost”, meaning the operational critical mass for profitability is low. With the huge churn rate, that low cost aspect has about three months left before it starts running negative numbers.

I’ve commented before that Tim can flog, fire and replace AOL sales people, hire his no-experience in display ads and content buddies from Google and it will still not be possible to close the gap between ad revenue and the subscription access business.

All this spin about spinning AOL off in November to unlock greater value is total fantasy. TWX and Bewkes have been trying to sell AOL for the past four years, without any takers! November, at this rate of decline will not be a spin off of AOL, it will become a yard sale.

As smart as Armstrong may think he and his Imported Google Cronies are, there is no way their algorithms and automating of AOL sales will stop the slide AOL is in.

.