I’d venture to say that’s close but not phrased quite right. The secret sauce of academic journal publishing is that we get young academics hired. If you can figure out a way for a young junior faculty member to get tenure without publishing in a traditional journal then you’re golden. But as it stands today, the name of the journal is the currency on your CV. Peer review is part of the mechanics of how that works, but it’s the prestige that’s the key part, not the review mechanism itself.
Tenure committees can’t read the actual papers of all the applicants to form an opinion on the quality of the research. They need some form of proxy. Today that’s the impact factor and reputation of the journal title, almost exclusively. It’s entirely possible that that will change and something else (or most likely a variety of something elses) will take its place. There are a lot of people working on alternatives right now. I don’t know what the winners are going to be, but it’s not going to be number of tweets or Facebook likes. If you want to break the existing system you have to figure out how to get a young academic without an established reputation noticed in her field and hired. If you can do that without the need for a journal at all then you can put a crack in the foundation of the industry.