Consider a scenario of broadcasting a common content to a group of cooperating mobile devices that are within proximity of each other. Devices in this group may receive partial content from the source due to packet losses over wireless broadcast links. We further consider that packet losses are different for different devices. The remaining missing content at each device can then be recovered, thanks to cooperation among the devices by exploiting device-to-device (D2D) connections. In this context, the minimum amount of time that can guarantee a complete acquisition of the common content at every device is referred to as the "completion time". It has been shown that instantly decodable network coding (IDNC) reduces the completion time as compared to no network coding in this scenario. Yet, for applications such as video streaming, not all packets have the same importance and not all devices are interested in the same quality of content. This problem is even more interesting when additional, but realistic constraints, such as strict deadline, bandwidth, or limited energy are added in the problem formulation. We assert that direct application of IDNC in such a scenario yields poor performance in terms of content quality and completion time. In this paper, we propose a novel Content and Loss-Aware IDNC scheme that improves content quality and network coding opportunities jointly by taking into account importance of each packet towards the desired quality of service (QoS) as well as the channel losses over D2D links. Our proposed Content and Loss-Aware IDNC (i) maximizes the quality under the completion time constraint, and (ii) minimizes the completion time under the quality constraint. We demonstrate the benefits of Content and Loss-Aware IDNC through simulations.