To me, this is obvious but Jeff Jarvis feels the need to point out why distribution trumps content. It’s about owning the relationship with the customer and really mining the data and acting on it to further tighten the relationship.
Aggregation itself is not sufficient. Netflix gains its advantage because it has a substantive relationship with its customers, which yields data about their desires that the company uses to superserve them, making highly relevant recommendations and filtering noise (give me the filter bubble!).