Correct, although if the content origin is on one continent and the consumers on the other continent, then you do need to shift at least a replica of that conte

Correct, although if the content origin is on one continent and the consumers on the other continent, then you do need to shift at least a replica of that content across the ocean (then use a local CDN for national/regional delivery). Google has issues with having a large amount of content that is watched at all ends of the Earth, so they do need significant global transit to handle the fact that someone in India is possibly watching something from Indiana. Seeding the CDNs creates significant overhead and if the content happens to have a relatively low popularity, transactional overheads mean that the RTT of the requests creates artificial overhead (RTT effectively starts to look like wasted bandwidth).