Considering Gates was referring to "content clubs" as akin to "record clubs" and the Wired interviewers were instead bringing up the cable companies and Disney,

Considering Gates was referring to "content clubs" as akin to "record clubs" and the Wired interviewers were instead bringing up the cable companies and Disney, I would say the Wired team had a good read on the future. Although other commenters here bring up a good point that Gates may have been downplaying the potential market for content creation/delivery on the internet. Also his dismissal of internet advertising is likely the gap Google needed.