Not really. Call it what you want, but the claim was that you could fit many movies in the same space as one small one (by today's standards), presumably based on similar content shared across multiple movies. Suppose I record a movie of me walking through my city for an hour, and you record one of close-ups of surfers. I find it highly unlikely that you could find a non-trivial amount of duplicate frame content between the two.
Now let's mix in frames from Un Chien Andalou. I'd bet that the union of our three movies' compression dictionaries would be approximately the size of the sum of them.
> Was Jan Sloot the biggest conman of the 90s?
He was quite possibly sincere, but he was still wrong. He was squaring a circle and it just can't be done.