It will be both. "Content", meant in a derogatory way, will go to zero, ideally on the demand side as well as the supply side because I think the existence of llms drives down the value of filler content in the wild as well. And thoughtful analysis of good writing that llms are not capable of will become increasingly sought after. I can actually see a future where llms help clean up the internet by driving demand away from crap meant to draw viewers toward ads and towards actual human viewpoints and analysis.