The terminology is art vs content. Anybody talking about "content", by definition, do not actually care about what that content is, just that it is contained into something they charge for.
To me content often implies a kind of volume of work. Always be posting. Don’t miss a few days or your viewers go elsewhere. Lots and lots of content!
The concerns of a product are the salability. Is has to fit perfectly into a 22 mins slot. It can’t upset the wrong people. It has to fit the mood and culture that our advertisers want. Etc.
I think it goes beyond latching on the dictionary definition, and really looking into how platform owners see the bits they push around. It's not about being "clever" with words to score a point, but actually about the meaning we want to give art, be it novels, drawings, music or shows/movies.
Also, "platform owners" (or advertisers, as another comment puts it) managed to install this term and so most of us use it, so it's no longer just platform owners. Which is why RMS railed against it.
In the context of advertisers, content is just what you deliver for a price (Netflix, Disney), or against which you slap advertising (Youtube). You want more of it so you can charge more, and care little what fills this content pipeline.