Games Publishers to move to subscription model for online gaming?

The likelihood that Activision will launch a premium subscription for online multiplayer soon makes no sense to me.

Given players on Xbox already commit to an online subscription through either Xbox live , surely additional charges will lose fans?

Surely it would make more sense to pursue an ad-funded model?

While in-game advertising would struggle find suitable advertisers for these games (Not many billboards are left standard in these games!), there is definitely the opportunity to deliver targeted ads on the lobby screen between games?

With a little tinkering , these ads could even become interactive without ruining gameplay. For example, send this ad/offer to a friend. Sign me up for the newsletter; send me the coupon.

Maybe I’m missing the point.