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Considering he was one of the first artists to utilise different business models (such as giving his album away with the newspaper) and I think he heavily used the internet aswell, I wouldn't be so quick to disregard his decision.

AC/DC don't sell online at all and they have seen an increase in their physical sales in recent years in there back catalogue (not to mention Black Ice sold over 6 million copies) and the Beatles who have the most consistently well selling back catalogue don't sell online either.

So whilst the choice may or may not work for him, going against conventional wisdom for some of the other mega acts hasn't hurt them at all, and in AC/DC's case has seeminly actually helped them.