I remember a time when all the geniuses were trumpeting AOL's business model, noting they actually had subscription revenue!

Well, AOL is now reinventing itself as a free portal.

An excerpt from the NYT story:

The new AOL.com," the ads proclaim. "Now open to everyone." Several agencies are producing the various aspects of the campaign, from the traditional, like television commercials, to the unconventional, like text ads on Web search pages.

The campaign has been in development for months, ever since AOL's parent, Time Warner, decided to shift strategies (again) and offer at no cost much of the content and features that had been available only to subscribers of America Online. The reason is that despite all the elaborate previous changes to the subscription service, paying users continue to flee.

Still, Web sites that are part of AOL, which include Moviefone, Mapquest and Netscape, remain popular destinations with computer users. Their continued appeal is the reason behind the recent talks between Time Warner and other major media companies regarding potential investments in America Online.