Well of course the reverse is not necessarily true.

!A => B does not imply A => !B .

However I do not think there is any valid business model out there that gives something away for free, without making money off the people that get the freebies.

Essentially even in a freemium model, free users are the product as they are marketing leads.

Accepting that your users are the product does not necessarily mean you should be a jerk to them though.