Internet video delivery has undergone a tremendous explosion of growth over the past few years. However, the quality of video delivery system greatly depends on the Internet bandwidth. Deep Neural Networks (DNNs) are utilized to improve the quality of video delivery recently. These methods divide a video into chunks, and stream LR video chunks and corresponding content-aware models to the client. The client runs the inference of models to super-resolve the LR chunks. Consequently, a large number of models are streamed in order to deliver a video. In this paper, we first carefully study the relation between models of different chunks, then we tactfully design a joint training framework along with the Content-aware Feature Modulation (CaFM) layer to compress these models for neural video delivery. With our method, each video chunk only requires less than 1% of original parameters to be streamed, achieving even better SR performance. We conduct extensive experiments across various SR backbones, video time length, and scaling factors to demonstrate the advantages of our method. Besides, our method can be also viewed as a new approach of video coding. Our primary experiments achieve better video quality compared with the commercial H.264 and H.265 standard under the same storage cost, showing the great potential of the proposed method. Code is available at:https://github.com/Neural-video-delivery/CaFM-Pytorch-ICCV2021.