Added Forrester's Delhagen: "I wouldn't be surprised if the conversion rate is less than 50 percent. AOL, if it's smart, will offer an incentive for people to convert." Although most online subscribers live in the United States, the fastest growth in new subscribers is taking place in Europe, analysts say. CompuServe long had been a dominant force in that market. Many Europeans equated the Internet with CompuServe, just as they do with AOL in the United States. "We think we have the opportunity to be the No. 1 international player," Leonsis added. Senior writer Tim Clark contributed to this report. Back to intro