Was Gigaom's revenue model really broken?

Should we be taking a harder look at the potential ad revenue of the (defunct) Gigaom? Rick Waghorn thinks so:

Maybe, just maybe, the fall of the Gigaom empire is the first tremor of a bigger earthquake; evidence that something is seriously awry in the relationship between publisher and advertiser if 6.5m passionate tech readers when matched to widely valued original content can’t deliver a living for the journalists concerned.

Short version: Gigaom seems to have had a big enough audience to draw a decent ad revenue, but not enough to support the size of staff it was running on. The more I read about the fall of the tech site, the clearer it becomes that the mismanagement of the company was the biggest single reason for the failure.