Came to the comments to say exactly the same thing. "Content is king" really refers to the service becoming invisible enough to let the users get what they want out of it.
As product owners/creators, we can easily obsess about our platform and loose sight of the needs of the users we set out to serve, then scratch our heads when users jump ships to a crappier service (in our biased judgement) which happens to have more content.
As product owners/creators, we can easily obsess about our platform and loose sight of the needs of the users we set out to serve, then scratch our heads when users jump ships to a crappier service (in our biased judgement) which happens to have more content.