Watching a game is a fundamentally different experience than playing a game for a number of reasons and I've watched full playthroughs of games that I had no intent to ever play. I watched Best Friend's full Beyond: Two Souls playthrough because the game was hilarious and served as a great base for commentary as well as discussion on how the game royally fucked up. I watched Game Grump's full Sonic 06 playthrough because it again was hilarious in a way that I would never experience on my own.
Part of it is the "gaming with friends" experience (theres something infectiously enjoyable about watching two friends getting hyped playing a game) that I never really get and part of it is the humor.
Also, I'm not sure why you think that "big brand companies" have opinions that are worth anything more than someone voicing their opinion on Youtube, but I'd say you are wrong. People like Matthew Matosis, Satchbag, and in some senses TotalBiscuit do a better job discussing and informing about games than any traditional media site I visit.
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