why is this free? if they were an unknown indie dev, sure, that would make sense to raise your profile. but how you gonna take a bunch of top-level dudes with you, create a new studio and put out a free app? that makes zero business sense with the profile peter has.
It's free because not many people would pay for it.
It's better to give it away, get a large number of users and then pitch venture capitalists to invest in future projects.
"Hey! Want to invest in us? We have 3,500,000 free users!"
This is much more compelling than:
"Hey! Want to invest in us? We have 450 paid users!"
If handled correctly this first free app could completely bankroll their all their future projects.
It's a loss leader for 22 Cans, nothing more, nothing less. Give a way a little to gain a lot (from elsewhere).