A show like The Simpsons is both. The viewers care about the art, and we tolerate the product to get it. The creators are creating art, compromising with the corporation and broadcaster to make it enough of a product. But the corp/broadcaster only care about the product. The art is the chocolate around the advertising pill.
So when the product-minded people control preservation and resharing of the product, the art always gets compromised. Jokes are clipped. Audio is broken. Episodes are pulled. For all the wrong reasons.
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.