If my own experience is anything to go by, then content means "text".
It appears one of my websites has been hit. Our stores download pages feature a large banner, which showcases the product. The banners hyperlink, opens a larger preview. It doesn't link to 3rd party websites, so is clearly not an advert.
Thousands of these pages have been impacted over the weekend and traffic has taken a big hit.
Content should mean content. Content is not always textual. As Youtube and Android Marketplace clearly demonstrate. Yet their own sites are never hit.