Industry: Season 4 Episode 1 – Recap and Review
Almost a year has passed since the events of season 3’s finale, and it appears many are on the cusp of a turning point while giving what you have expected and loved from the series.
Spoiler Alert: This summary and review contains spoilers.
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Episode 1 “PayPal of Bukkake” Recap and Details
- Director(s): Mickey Down, Konrad Kay
- Writer(s): Mickey Down, Konrad Kay
- Public Release Date (HBO Max): January 11, 2026
- Check out more of our “Industry” coverage.
It’s Been About A Year: Harper, Eric, Kwabena, Sweetpea, Rishi
From the way Harper talks, it has been about a year since season 3 and the fall of Pierpoint, and while Harper has brought Sweetpea to her new job and uses Rishi for reconnaissance, some things haven’t changed. There is still a longing for not only Eric’s approval, but partnership, and he feels that pull too. Granted, he may also just like the drama Harper brings, but who doesn’t?
I mean, take note, Harper is still someone commanding in the office, a bit of a freak on the side, as shown by her lovers in this episode, including one of her subordinates, Kwabena. But, while she walks in looking powerful, turning 30 with the appearance of a mandate, it becomes clear quickly that no matter how much she appears to move up in the world, she is still an underdog. Which, as long-time viewers know, is not only where she often seems to want to be, but where she thrives.
Harper’s Already Getting Desperate: Harper, Otto, Roland
Case in point, between Otto and some sort of overseer in Roland, Harper isn’t able to manage money and assets as she would wish. It is causing her to lose people investing in the fund, and with Otto having a desire to get into politics, it seems he finds himself increasingly at odds with Harper. In fact, with him believing the age of woke politics and appearances fading, he paints the idea that while she may have some form of merit, it was the look he wanted. He got a Black woman with what appeared to be a major role.
However, as becomes clear, Harper’s need for autonomy conflicts with Otto’s desire for her to get it through her head that she is a subordinate.
It’s Not Personal – But It Could Come Back To Bite You In The Ass: Harper, Whitney, Yasmin, Henry, Jonah, Hayley, Jay, Jennifer
They aren’t the only ones at an impasse, though. Jonah and Whitney built a company called Tender, think money, not the dating app, and both have very different visions for its future. Jonah would love for it to continue as is, a competitor to PayPal and darling of the porn industry, since it will process their payments. Whitney, on the other hand, wants to create Tender 2.0. Something which is beyond PayPal, Stripe, Goldman, or Chase. Which means cutting the porn industry, especially as government officials like Jennifer Bevan seek to crack down.
But where there is a company in trouble, you know Harper’s nose can sniff it out. Thanks to Yasmin, throwing a party in hopes of buoying Henry’s connections, like with Whitney, so that he doesn’t end up a complete burnout, Harper and Whitney meet. In fact, they even have sex the same night, with it appearing, alongside getting on Jennifer Bevan’s good side, Whitney also got pegged, so a good night for him.
However, night becomes morning, and while Whitney is prepping to screw over Jonah and remove him as CEO, for the future of their company, Harper gets a call from Jay. Jay is a reporter from FinDigest investigating possible fraud, amongst other things, going on with Tender. It has been less than a week since Jay got in Hayley’s ear, Whitney’s assistant, and now has Harper’s.
As you can imagine, Harper’s all-business, not personal, attitude makes any insider knowledge alluring, and as shown by paying Rishi to use social hacking for information on Jennifer’s speech, she isn’t against a reporter giving her ideas on how to make her next move. But, it seems, as has happened for the last few seasons, if Harper moves as she plans to, Yasmin will take a hit, for with Yasmin trying to get Henry in Tender, maybe as CEO, Harper could thoroughly destroy that man.
New Characters in Episode 1
Kwabena (Toheeb Jimoh)
- Character Summary: Kwabena is one of Harper’s employees in the Short Opportunities Fund division of Mostyn Asset Management, and he is also one of her lovers.
Roland (Lewis Reeves)
- Character Summary: Roland is a watcher, a spy, a point of contact for Otto to know what Harper is doing at any given time.
Whitney (Max Minghella)
- Character Summary: Whitney Halberstram is one of the founders of Tender, who is trying to craft Tender 2.0, which would move beyond being a payment processor to the likes of adult entertainment companies like Siren, and get into various other fields of banking that they can’t currently do due to a lack of a license to do so.
Jonah (Kal Penn)
- Character Summary: Jonah Atterbury is Whitney’s friend from college, Stanford, who co-founded Tender, and while Whitney is focused on the business and its growth, Jonah is far more relaxed. In fact, as CEO of a public company, many would say he is far too relaxed to the point he could or is outright a liability.
Hayley (Kiernan Shipka)
- Character Summary: Hayley Clay is Whitney’s assistant who is a bit of a wild child but knows how to keep things tidy and maintain her work ethic so she can continue to fund all the fun she has.
Jay (Charlie Heaton)
- Character Summary: Jay, James Dycker, is a reporter for FinDigest working on a story that deals with Tender’s business practices, with his initial interest being in its personnel and potential fraud.
Jennifer (Amy-James Kelly)
- Character Summary: Jennifer Bevan is the Minister of Industry under the Labour Party. Her initial claim to fame is her work on a bill that would increase accountability on pornographic websites.
Collected Quote(s)
- In America, your story begins when you start telling it. – Jonah quoted by Whitney
Review and Commentary
Highlights
It Doesn’t Fully Feel Like A Rehash [85/100]
There will always be certain things that feel familiar with any show, no matter how many seasons it has. For Industry, it will be Yasmin not only being attached to a man she feels the need to cover for, but a love/hate relationship with Harper which repeatedly bites her in the ass. With Harper, it’s her back and forth with Eric, sex being a tool to feign intimacy, and her ambition often leading to her burning bridges.
But, while things cycle every season, there are always new players, and while some stay, like Henry and Rishi, many get burned, forced out, and are replaced. Leaving us with new people to slightly alter the dynamics, maybe become fodder, and test the formula to see how it handles new factors in the mix.
New Characters Appear To Have Value [83/100]
And I would say, with the new characters, at least some of them, it seems Industry has who it needs. The jury is still out on Hayley, since her intro felt more in tune with Shipka still trying to shake being a child star than anything else. However, Whitney and Jonah’s breakup, the introduction of a new government official, and Jay playing the role of an investigative journalist does bring something interesting.
Jay and Jennifer are especially two people worth noting, for if there is one thing Industry hasn’t been consistent on it is how the media and government play a role in what the lead characters do. Well, better said, we haven’t gotten consistent characters to remind us of the role they play. Each official lasts a season, at most, and in terms of the media, outside of Henry’s uncle, Lord Norton, who owns a news publication, we haven’t had any notable reporters of any kind.
Jay, as someone who will stalk Hayley, maybe even blur the lines and sleep with her, and find a way to get Harper’s number to get information, presents himself as someone to be taken seriously. Jennifer? Considering what happened to Aurore and Jennifer opening herself up to Whitney lobbying, there comes the question of whether she will end up falling on someone’s sword or be more in line with Lisa Dearn, the shadow energy secretary of last season?
The possibilities aren’t endless, as we know this will likely end up with Harper in a surprisingly good position, despite the backstabbing and unethical, if not illegal, moves she makes. But, while many could say how things will likely end is clear, how we get from point A to Z will be anyone’s guess.
A Tighter Focus [82/100]
What I appreciate about Industry, season to season, is that, whenever a lead character exits, they don’t replace them with another, but rather a strong supporting character for the leads who are left. Characters like Henry, who can be drivers for Yasmin, maybe hold the spotlight for a little bit, but never feel like they are meant to replace any of the originals.
Because of this way of handling new characters, it makes the focus tighter on Harper, Yasmin, and Eric, and pushes the idea that those behind Industry know which characters still can take the show forward, and when they can’t, like Gus and others, they can be removed, with the door often left open. For while Gus and Robert’s actors exited due to scheduling conflicts, it could be submitted that while many are in an unending cycle, their characters didn’t have much left to give.
On The Fence
Rishi [74/100]
Considering how last season ended for Rishi, though I appreciate him being around, I feel like there is a ton of things that they sidestepped. Between his gambling debt and Diana’s death, there wasn’t much, if any, explanation. And note, did they have to do a thorough breakdown of his life over the last year? No. It could have been like Eric, showing him bored with retirement, and him noting his girls are at boarding school. But, to have him do a “I’m still on contract” type of appearance, I hope leads to something more, and they don’t just sweep under the rug all that came before.
Overall
Our Overall Rating [81/100]
I feel like Industry returned knowing what works, mainly stuck to its formula, and that’s okay. I would submit it is one of the few shows that got that old school, multiple seasons to find what works, and while things aren’t perfect, those behind it understand the rhythm, the flow, and how to craft the narrative.
All they have to do is keep the drama from becoming stale, and with solid series regulars, supporting actors who know what to give, paired with guest stars and recurring characters who add a pop here and there, they’ll be fine. Mind you, there is still the feeling of this gradually getting better, than exponentially, but considering this was more an underrated show than one that was straight up ROUGH, that’s not a bad thing.
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