Content is the information that is being distributed. A book, a magazine article, and the information on this website, http://www.FreeAdvice.com, are all content.
Content may be distributed by more than one method. If an author writes a novel, it may be distributed as a hard-cover book, a soft-cover book and/or a "book-on-tape." It may even be converted to a screenplay and filmed for distribution as a television mini-series or a feature motion picture. But through all these different distribution methods, the content -- the underlying story -- remains the same.