Industry has never been a show to shy away from the grotesque side of humanity. Set in the world of investment banking, the series has evolved from a story about a group of newbies at an investment firm, into something more sinister.
Season 4 feels like the show has grown up, no longer centered around one company, it reinvents itself as something more political and much darker than previously. The sweet innocence is gone in these characters, and they know exactly what they are doing. Now, the people who were once novices in the industry are major players.
What Is Season 4 Of Industry About?
No longer shackled to Pierpoint, Harper (Myha’la) and Yasmin (Marisa Abela) are now involved in a world of fintech schemes. When we meet Harper, she is working at Otto Mostyn’s (Roger Barclay) firm, but she’s once again plotting to advance in life. She works alongside Sweetpea (Miriam Petche) and Kwabena Bannerman (Toheeb Jimoh) to sniff out promising investments. But that isn’t enough for Harper, she’s once again plotting and brings her ex-mentor Eri (Ken Leung) along for the ride.
On the other end of the spectrum is Yasmin, who is wed to the clueless aristocrat Sir Henry Muck (Kit Harrington). The publishing heiress didn’t quite get her happy ending, as she now spends her days caring for the depressed man-child who failed his own political aspirations. The second episode spends time catching us up on this duo, diverting audiences from the more interesting plot to focus on their relationship. While their side plot isn’t the best part of this fourth season (do we really need to see another white, wealthy man feel depressed?), it does showcase how brilliant Abela and Harrington are.
It’s fascinating to see the two women swap places in society. As one descends, the other rises to the top. Harper is the type of woman who will claw her way to power, no matter who she takes down, and she does it with such style it’s hard not to root for the American. While Yasmin looks down, she is not out, as she enters this haunting Lady Macbeth phase of her life. It’s fascinating to see Yasmin evolve into this harsh, desperate woman. After the loss of her father, she has been forced to play hands that a younger Yasmin would have despised her for.
Season 4 introduces the payment processing startup known as Tender, run by newcomers Whitney Halberstram (Max Minghella) and Jay Jonah (Kal Penn). Tender is the most important moving part of this series, with both Yasmin and Harper setting it in their sights.
While Yasmin and Henry play a significant role in the series, season 4 is the Harper Stern show. With political intrigue, a prying journalist, and a corrupt fintech company, Harper is placed front and centre of play. After she was sidelined in the previous season, it’s a welcome return to one of HBO’s most interesting female characters.
The New Characters Of Industry
The show starts its focus on two new characters, financial journalist Dyker (Stranger Things’ Charlie Heaton) and executive assistant Hayley Clay (Kiernan Shipka). It’s a brave move to open the fourth series of the show in the middle of the lives of two brand new characters. Industry has always been a masterclass in dropping audiences into the middle of proceedings and forcing them to catch up.
While this season is a reinvention of the world, moving away from Pierpoint and the characters we knew and loved, it hasn’t lost its sharp tongue. In the opening episode, there is sex, drugs, strap-ons, and some of the crudest lines you’ll likely hear on TV this year. Yet, there is always a point to the shocking exploits of the character, and it never feels shocking for shocking’s sake.
Industry innovatively weaves in the new and old, as the writing seamlessly integrates existing cast members with the new additions. They naturally combine new companies and people into the fold, creating a lived-in world. Unlike other shows, Industry never feels oversaturated with different characters, and the writers never have to shoehorn in the older characters into the current plot. Characters from past seasons seamlessly appear to help or antagonize our leads, creating the feel of a very real world where businesses interlink and people in the same field cross paths on the regular.
Rishi Ramdani (Sagar Radia) also returns after his chaotic and tragic third season. He is one of the existing characters who the show perfectly weaves into the new story. When many shows struggle to handle a large cast, Industry understands how to strike the right balance between old and new.
Season 4 Of Industry Has Higher Stakes
Last season toyed with politics, but season 4 of Industry puts social commentary at its forefront. While the show is not about politics, these characters live in a real London, which comes with real consequences.
A prescient storyline involves the UK’s real age verification laws, which require people to upload their ID before watching adult content. There is also a subplot involving an OnlyFans-esque website called Sirens and the realities of these types of online companies. Incorporating real-world issues into the show never feels inauthentic or like it’s trying to make a point; instead, it gives the actions of these companies context.
The thing most impressive about Industry, especially so this season, is that it’s jargon-heavy and doesn’t explain itself to those who have no idea what a big short is. But, even when you’re not 100% sure of what exactly is going on, you’re gripped. If you’re someone who has no interest in business or finance, the characters will make you care. You’ll be sitting on the edge of your seat investing in something you don’t fully understand.
The middle episodes of Industry are some of the most stressful in recent television. It’s Uncut Gems levels of anxiety-inducing as multiple different teams across London circle around the same prey. At times, you won’t know what is going on, but you’ll feel how high the stakes are.
The main reason writers can drop the audience into proceedings without context is because of the excellent cast, who are at the top of their game. Myha’la is finally allowed to release her skills to their full potential as Harper takes on the role of the main character. Although her role is diminished, Marisa Abela is eerily brilliant as the puppeteering Yasmin. Kit Harrington is a series standout as the depressed and easily led man-child who constantly needs his ego stroked. Henry is a much more layered character than he first appears, which gives the actor something to chew on.
The newbies perfectly fit into the show. Max Minghella gives a career-best performance as the villainous Whitney. He’s the perfect level of smug and charming, the type of man who you believe you can convince to join their company. Kiernan Shipka initially feels an unusual choice for the show, but it’s a genius bit of casting. Still associated with her younger roles (Mad Men, Chilling Adventures of Sabrina), her innocence perfectly plays into the character. Charlie Heaton also gets to prove himself after seasons of being sidelined in Stranger Things. Not a single performance lets the side down in this extended cast.
Much like its characters, Industry is a show that isn’t afraid to take risks. They don’t always work out, but this season has the highest hit rate of any outing for the HBO/BBC series. There are some big swings here, and the writers (Mickey Down & Konrad Kay) should be applauded. This feels like a new type of Industry, and it’s admirable that the creators aren’t afraid to break the formula.
Industry Season 4 will stream on January 11, 2026.
Learn more about the show at the IMDB site for the title.
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