Audience vs. Content

Which is more important? When building a website that is supported by both a strong community audience and a diverse body of content, what element do you need first to get growth going and then what do you need over time to keep it going?

Do you need quality content first to attract the audiences and build community or do you need the audiences to attract the better content and content creators? Which one should lead? Which one is more important?

This will then lead to a discussion on the "hub and spoke" distribution model and the "call and response" model that we will talk about in future blogposts. Discuss.