New York, 1973. Zajedno sa svojim partnerima Richie Finestra (Bobby Cannavale), predsjednik „American Century Recordsa“, na rubu je da njemačkom „Polygramu“ proda svoju tvrtku koja je zapala u nevolje, a poslovni dogovor s njima uključuje i predstojeći ugovor o distribuciji s „Led Zeppelinom“. No nakon katastrofalnog sastanka, jasno je da je prodaja ugrožena. U kriznom raspoloženju Richie daje svom Odjelu za umjetnike i repertoar mandat da pronađu nove ljude, što navede uredsku pomoćnicu Jamie Vine (Juno Temple) da dovede protopunk bend „The Nasty Bits“, bend kakav nitko još nije čuo. U međuvremenu, Richie unovači nasilnog samostalnog promotora Joea Corsa (Bo Dietl) kako bi pomogao oko situacije s Buckom Rogersom. Nakon trodnevnog drogiranja kokainom Corso pozove trijeznog Richieja u Rogersovu kuću, gdje stvari odu strahovito naopako. Unatoč nevoljama u „American Centuryju“, Richie saznaje da je „Polygram“ ipak pristao kupiti tvrtku. Te noći, progonjen mislima o Lesteru i debaklu s Buckom Rogersom, on divljački prekida svoju trezvenost i porazbija radnu sobu u svojoj kući u Connecticutu, pritom ozbiljno ugrozivši odnos sa suprugom Devon (Olivia Wilde) i njihovo dvoje djece. U konačnici Richie se nađe drogiran i sam, privučen gomilom mladih u „Mercer Arts Center“ na Manhattanu, gdje vidi nastup grupe „The New York Dolls“, a ta ga noć usmjeri na posve novi put.

With German Polygram executives in town to complete the deal for American Century, Richie delivers a bombshell that shocks the prospective buyers, as well as his partners, Zak Yankovich, ACR's head of promotions, and Skip Fontaine, head of sales. When the dust settles, the Germans storm out of the ACR offices, leaving Richie to face the ire of Zak, Skip and company attorney Scott Levitt.

At a record producers' banquet honoring Maury Gold, Richie is embarrassed when the emcee, rival record exec Jackie Jervis, makes a joke about the failed German Polygram deal. Later, Maury and mob cohort Corrado Galasso pay a visit to American Century to probe a detective's recent inquiry, and Joe Corso drops by to pitch Richie a demo by his banquet date, Nora.

Richie feels embarrassed at a record producers' banquet whilst a junior A&R rep attempts to court Alice Cooper.

Richie manages to get on the good side of a funk superstar. Skip attempts to get rid of some Donny Osmond records.

Devon retreats to safety among old friends at the Chelsea Hotel as Richie continues to descend into a lifestyle of debauchery.

Richie and Zak travel to Las Vegas with a plan to woo Elvis Presley and convince him to sign a contract with American Century.

Richie reaches out to Galasso for a loan when he's desperate for cash. Lester gives Kip a lesson in the blues.

Zak constructs a dangerous plan to bring down Richie. Kip's excesses threaten an important Nasty Bits gig. Clark and Jorge's efforts pay off. Richie is privy to the birth of a legendary music venue.