[everforward]

> As for what twitch is buying, they are buying the performance and or content, not dissimilar from Netflix or cable TV.

Netflix or cable TV are buying broadcasting rights, or licenses to broadcast the content. Twitch can't be doing the same thing, because payment happens after the performance, not before.

> If you follow the money, all the donations and all of their ad Revenue go to Twitch, which then cuts a check.

That's just a passthrough to take a cut. It's no different than Apple's App Store or PayPal. I think it would be hard to argue that Apple is buying apps from developers, or that PayPal is buying from vendors.

Google would actually be a good example here. They both have an app store and can provide the ads for mobile apps. Would you say they're buying apps? Or are they selling a platform for apps?