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AOL: We're working on something big and secret

And CEO Tim Armstrong isn't going to tell you what it is yet--but it's something pertaining to the technology that powers its content network.

SAN FRANCISCO--Tim Armstrong is such a tease.

The AOL CEO, speaking at the Web 2.0 Summit on Thursday, didn't have any high-profile announcements like many of the other speakers at the conference. But instead, he hinted that one might be on the way.

"We have been working on something for the last three months that I think is a fairly substantial shift in our technology," he said. "When that's ready to announce, maybe we'll come back and talk to you about it."

Interviewer and conference organizer John Battelle tried to pry more information out of him, to little avail. But it sounds like it has something to do with the framework that powers AOL's network of blogs and content properties.

"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 AOL in March after a stint as head of sales at Google, said that recently the company has increased its roster of journalists from 500 to over 3,000, and that over 3,000 pieces of content are posted every day to AOL properties. It's also now 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's still not clear how AOL, currently in the process of being spun out from parent company Time Warner, will rake in profits from this huge investment in media content. Armstrong seemed unfazed.

"If you're not going to take risks and you don't think the future is bright," he said, "the Internet is probably not the right place for you."