Can't be: in his model he'd still be making positive revenue. Reminds me of the famous "Volume" line in this SNL skit (the second of the series below):
For some markets & products, that works - ok, it's not an infinite number of buyers, but the make-a-profit-at-any-price model still works out. Ex.: the Wondermark.com e-book "Machine of Death" was offered free (http://machineofdeath.net/ebook), yet fans are so impressed they demanded a paid Kindle/iBooks/etc. version, leading to a healthy profit.