He was coming over the top of a loop, and lost it in the recovery. Hard to say exactly what happened without knowing stuff like the aircraft make. But he was inverted, started pulling into the dive...and seemed to hesitate. That could have been something to do with him, or it could have been mechanical. The sound didn't feel like he was at idle, either. In any event, once you're in that nose down attitude, there's only one way out. He was pulling, but either not enough, or he'd already g-stalled it.
Sad. But I can guarantee he was trying, all the way to impact. All in all, a true pilot's death. Salute.
@skydog @Dr_Elizabeth97 I think one of the two stories above said it was a Beech A45, TV guy here said he thought it looked like a P-51.