If it is static content, it counts. content does not have to be "clickable" to count, but it does have to be readable.
This is a sales gimic (sales pitch). search engines do not read a page as we do, it reads the source code. php, html ect...
Here is an example to see what is read, and it includes all content:
dog beds - Google Search , now, look for this url in the serps, it will be in the top 5 nextdaypets . com and click on the "cached" link below the listing. It will show you what Google reads with the keywords highlighted. and it is more than "clickable" text.
What he is implying is that they only read links and this is 100 % false from what you stated it says.
Now, as far as text goes, they read anything you can copy and paste into notepad. They also know that there is an image, but they just know that it is an image and the size of the image and the location on the page.
They can not read the "image" itself as we see it.
There are several threads in this forum telling you not to buy ebooks and programs that will do "magic" for your marketing. You will find some usefull info, but most of it is to SELL you something.
Here is an example on this forum that linda posted, it works, I tested it :
Web 2.0 Traffic Generation Blueprint - FREE + Good Reviews
But, it is full of affiliate links to sell software and other things. It is a brilliant marketing plan, and it does work, but even this Ethical marketer has a motive for "giving away" information.
You have to ask "who gains"?
If you wnat to know what a search engine see's just take a look at the source code. Even alt tags are read.
Learn to do what they do to make you buy, not buy what they sell. This is how duplicate content was taken for a terrible spin. people will buy a lie if it is pumped into their head long enough.
send me a link to the video you watched and i will go over it. But from what you posted, this is the answer.
Hope this helps,
Jim