An RCA cable is made from coax (similar to the stuff you see when you cut your CATV coax).
The center wire carries the signal.
A white foam surrounds the center wire and keeps it a uniform distance from a mesh or foil shield.
The signal comes on the center wire and the shield is the other side that represents 0.00 volts.
This does 2 things:
- It protects the signals on the center wire from electrical noise
- It maintains the 75 ohm impedance
The second part is .. not a concern for audio. But it's vital for the higher frequency video signals. The 75 ohm impedance matches the input electronics on a TV. This allows the signals to see a 'smooth' path to the TV.
Hope this helps.