Expect something big from us soon, says AOL CEO

Despite having interviewer and conference organizer John Battelle trying his best to get more details on the project, AOL chief executive Tim Armstrong refused to provide any. But it is rumoured that it has something to do with the framework that powers AOL's network of blogs and content properties.

"We have been working on something for the last three months that I think is a fairly substantial shift in our technology," Armstrong said. "When that's ready to announce, maybe we'll come back and talk to you about it. It's a broader platform with more information around content and the creation of content," he said. "We see that platform evolving to a much higher scale."

Armstrong, who joined the AOL board in March after a stint as head of sales at Google, also revealed that the company has increased its army of journalists from 500 to over 3,000. With it, over 3,000 pieces of content are posted every day to AOL properties, thus creating three to four times as much video as it was several months ago.

"We've hired people from places like The Wall Street Journal and ESPN," Armstrong said. "You're not just hiring a person, you're hiring the community they come with, and I think that has been an important part when you look at the network effects of that."

It is uncertain how AOL is going to be profitable following the huge media investment but Armstrong appears optimistic. AOL is currently in the process of being separated from its parent company, Time Warner to become a standalone company.