No, that's not the entire lesson. If an unknown indie band had created an identical album, it would not have made anywhere near the same amount. If we're going to distill it down to "what people want to pay for," people usually want to pay for something they think other people like.
Yes, a small indie band would not have the same following as Radiohead at first. They need to build up a series of highly valued releases over time. Which is really all distilled into the "be Radiohead" line.
Or to make it less vague, your pricing and billing strategy may need to change over time. When/if you develop a history of delivering highly valued products and releases you will have the opportunity to explore alternate pricing models.
However, I still think you can distill much of this down to "create something that people really want". If you can do that the pricing part gets a lot easier.
I think that much of the importance of that step might have been lost in the satire.
The lesson is "create something that people truly want to pay for". If you manage to that goal, then cancellations should naturally decrease and/or sales should increase (depending on your revenue model).
Companies with an abusive cancellation policy are essentially saying that their product sucks and they need to try and hold customers hostage to maintain revenue. That is not long run sustainable.