How Industry nailed the rise of narrative capital
As I took on more of the firm’s long-form writing (whitepapers, keynotes, brand narratives), I wrote this as a passion project. Season 4 of HBO’s Industry had started a conversation online about who gets to tell stories and how they get told. I used it to argue to fellow comms leaders that narrative now sits at the center of power.
“When narrative becomes real capital, communications is less a support function and more a core operating input of both the economic and political order.”
Read the excerpt
The backdrop for Season 4 is all too familiar to comms professionals: a bristling and “high-growth” start-up is aggressively trying to reposition itself in the market. In this case, Tender, a payment processor historically known for handling adult content and gambling payments, now aspires to become a fintech platform that serves as a “bank killer.”
Quickly into the season, ‘narrative’ becomes the de facto currency. Tender CFO Whitney Halberstram tells his co-founder, “In America, your story starts whenever you begin telling it.” It lands less like dialogue and more as a thesis.
While set against the labyrinth of British aristocracy, the line embodies the new mandate for what it means to run a tech start-up anywhere in the world, illuminating an additional pressure to build in public, brick by brick (or tweet by tweet). What was once shrouded in secrecy and even-keeled press cycles is now conducted in public, with every reply, livestream, and hastily posted Notes app screenshot posted in service of the story. And while almost everyone agrees the old playbook is out, no one can agree on the replacement.
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After all, tech’s obsession with “storytelling” reflects a broader shift: shrunken legacy mastheads and ever-expanding owned distribution channels are creating a media environment low on journalistic scrutiny and high on, well, vibes. You can see it in the rise of creator-led media networks and personality-driven outlets, from Substack newsletter empires to founder-friendly platforms like TBPN, where access, voice, and following often reward narrative momentum over editorial diligence or friction.
In this environment, gatekeepers have multiplied and fragmented. Shaping the story early and in the right places can have an outsized impact before traditional accountability even enters the picture.
It’s for all those reasons that this season captures, with uncomfortable precision, how close communications now sits to the center of power. The stories you tell can matter more than the numbers behind them because the new architecture of influence has decentralized and democratized narrative creation and absorption. And that’s where our job gets heavier.
When narrative becomes real capital (when a single tweet from a founder’s profile can move the market or a headline can buy a company time it may not have earned) communications is less a support function and more a core operating input of both the economic and political order.
Industry understands this. It doesn’t paint comms as a villain or a hero, but as a force that can stabilize or destabilize, depending on whose hands are on the wheel and what incentives are driving the story.