Replace the word “content” with less interpretation-dependent “data”, and the situation clears up considerably.
(See also Data-Driven [whatever].)
Like the yin-yang symbol, in every data there is a hint of presentation (the form they are already stored in, being it plaintext, XML, or SQL table) and in every presentation is the hint of data (the nature of what is being presented, being it a time-series of integers, sound, sound+video, or text).
