He is. But also qualifies that this is especially true for Twitter. You have to read the footnote:

Note: if you're not a player like Ev, and you don't have unlimited access to capital do not take this advice and focus on building revenue streams.

Yes and no. The eyeballs model has been maligned too much, I think. If you have 10-20M attentive people, it is easy to make money. Just ask NBC or USA Today. Then ask them about their plans now that their audiences are declining.

The great thing about the massive-eyeballs model is that it's very easy to measure, very easy to pick and choose between advertisers, etc.

The bad thing is that it reminds me of that saying "if X is so easy, why isn't everyone doing it?" Well, everyone is. So they need lock-in mechanisms like subscriptions.

In short, it's fragile & cut-throat but it has a great potential for buckets of easy cash.