LBRY.tv is basically the video platform built on LBRY. And the latter is a protocol which devs can use to build apps on the LBRY network. LBRY uses blockchain technology and issues his own token LBRY Credits (LBC). LBC has real-market value (at the time of writing 1 LBC had a conversion rate of US$ 0.03) and is being used as tipping and purchase currency in LBRY apps. So this is what you will be receiving when you get rewards on LBRY.tv and which you can check on the LBC wallet which is integrated on the website.
You can earn rewards for watching vids, following channels, tipping and publishing your own content. You'll find a breakdown of reward opportunities here at the official FAQ page https://lbry.com/faq/rewards
So watching stuff earns you LBC, but the real deal of course is publishing your content on LBRY.tv and earn creator view rewards - provided that you upload high quality stuff and not crap, you might some nice tips. And LBRY.tv also allows YouTubers to republish their content on the platform.
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