How did Billions become the best show on tv?

With its stark insight into the financial world of post 2008, Billions is a Great Gatsby for our age.

Tv shows do what they say in the title. Friends is a show about friends. Star Trek is a show about a trek through the stars, and Breaking Bad is a show about a man breaking to bad. Billions is a show about Billionaires. But it’s also a show about the society that gives rise to billionaires, a global society of seven billion people and rising – the society of here and now.

“It’s no exaggeration to say that Billions is a Great Gatsby for our times.”

There’s no missing the genetic fingerprint of HBOs prestige tv format in Showtimes production of Billions. Headline star Damian Lewis is no stranger to that format, having fronted Band of Brothers, the show that pioneered the 10 hour tv serial, and Homeland, a show that pushed the cutting edge of what that format was willing to say politically and socially.

Billions co-creator Andrew Ross Sorkin, a former columnist covering the New York financial world, culls real life events gathered over his career to provide flesh for Billions writers to feast on. The world post the 2008 financial crash, in which billionaires have gathered more wealth and power than at any time since the “gilded age” of the 1900s, is the world that Billions catalogues. It’s no exaggeration to say that Billions is a Great Gatsby for our times.

 

Billions is the most sophisticated example of “relationship driven” storytelling to yet hook binge-watching tv audiences.

Bobby “Axe” Axelrod stands as the billionaire founder of Axe Capital, surrounded by obsequious yes-men and ambitious traders, friends from his working class neighborhood who turn to Axe for favors, and wife Lara, queen to Axe’s king, who acts behind the scenes to aid her husband. Every character who relates to Axe is a courtier, and like a king of old, Axe holds in his grip the fortunes and status of everyone he controls.

Chuck Rhoades is a powerful public servant, a US District Atorney with authority over the financial district of New York. He is backed up by a team of conscientious assisstant DAs and dedicated FBI officers, all with an eye for their next promotion. Rhoades father is a rich investor, who secretly acts on his son’s behalf. Every character who relates to Rhoades is a player in a power hierarchy, within which Rhoades holds a high but not supreme position.

The key to understanding how the HBO television format hooks such intense attention from audiences — what else today do we give ten or twelve solid hours of our time to? — is to understand how the story is driven by its relationships. Every successful prestige format show of recent years uses the same technique, establishing a network of relationships that shift and evolve over time.

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Pick almost any scene in any episode of Billions, and you will find that the main action of the scene is a shift in the relationship between two or more characters present on screen. Lara losing confidence in her husband Axe. Chuck slyly dominating his idealistic assistant Bryan Connerty. The broiling jealousy of yes-man Wags to any threat to his status. And of course the love triangle between Axe, Chuck and the show’s lead female character Wendy Rhoades. We’ll come back to her pivotal role.

The relationship driven story certainly isn’t new. Playwrights have consciously worked with relationship networks since at least the 15thC and the Commedia dell’Arte of Venice, which, just like Billions, used relationship driven structures to critique and satirise the rich and powerful of the day. Shakespeare learned these techniques, and some of today’s best screenwriters, most notably Aaron Sorkin (no relation to Andrew Ross), borrow directly from the Commedia dell’Arte for shows like The Newsroom.

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The relationships between stock characters in the traditional Comedia dell-Arte.

Billions borrows a trick directly from the Comedia dell’Arte playbook. To manage the potential complexity of relationships between almost two dozen main characters, Billions limits its relationships to those that connect directly to its two central characters, Chuck Rhoades and Bobby Axelrod. This creates two opposing character nets, with Axe and Chuck at the centre of each, their orbiting characters only relating to each other in very carefully orchestrated breakout scenes.

The exception to this rule is Wendy Rhoades, wife to Chuck and therapist to Axe. Wendy is free to interact with any other character in the show, and it’s the shifting status of her relationships that, more than any other factor, drives the narrative engine of Billions. Wendy Rhoades is a “Columbina” character, the central figure of Comedia dell’Arte, whose presence allows the story to move freely through the social hierarchies it satirises.

Billions artful construction serves a razor sharp political purpose.
The conflict between prosecutor Chuck Rhoades and billionaire Bobby Axelrod is Billions central relationship. In the 12 hours screen time of Billions first season, Chuck and Axe share only four scenes together, each made electrifying by the stand out performances of Damian Lewis and Paul Giamatti.

1_x6mRte6SI2Y1Hj3F4dRCkwBillion’s writers manage a hard narrative tricks in this relationship. Bobby and Chuck are dual protagonists, and each is antagonist to the other. The writers consistently hold our sympathies at a mid-point between the two men. Both are hugely intelligent and morally upstanding, but also hugely flawed and willing to violate their morals to win. It’s the irony that Chuck and Axe would, in better circumstances, be friends, that makes their conflict so powerful.

“Will the idealism of Millennials ultimately transform into the same corruption as their Baby Boomer grandparents?”

This central conflict also embodies Billions core theme, which is expressed openly in the climatic season 1 showdown between Chuck and Axe. Chuck calls Axe on a simple truth, he’s a criminal, profiting by breaking the law. Axe snaps back, Chuck is a leach, sucking from tax payer money. The personal conflict at the heart of Billions mirrors the political conflict splitting our society today. Public good vs private freedom. State vs enterprise. Left vs right. Red vs blue. Your side in this conflict will likely determine whether you empathise with Axe or Chuck.

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Asia Kate Dillon as Taylor Mason.

But Billions isn’t satisfied with being simply political. It wants to get to the heart of the personal conflicts that drive political strife. Season 2 introduces Taylor Mason, played brilliantly by Asia Kate Dillion. Taylor personifies the Millennial generation, a gender neutral digital native with huge insight into the light speed information flows that power the modern world. Taylor is hugely valuable to Axe, but we might expect the high morality of today’s Millennial generation to reject the rapacious world of the hedge-fund out of hand.

Instead, a much more complex picture of today’s Millenial is shown. Taylor is quickly seduced by the world of Axe Capital. But it’s not the allure of money, or the addictive quality of power, that lures Taylor in. The season 2 finale hits us with a final scene between Taylor and an idealistic assisstant DA, who thinks he can challenge the younger person on matters of morality.


Taylor is driven by the highest of all human drives, towards self fulfillment, towards experience over possession, and to creativity over all. All the drives that define the Millennial generation. It’s not entirely coincidence that Taylor Mason so closely resembles, in both ideals and appearance, the young heroes who emerged from the Stoneman Douglas school shooting.

But Billions season 2 leaves us with a disturbing final note. From the highest motivations, Taylor is nonetheless drawn towards the criminal, and the world of high finance that creates billions of victims globally. Will the idealism of Millennials ultimately transform into the same corruption as their Baby Boomer grandparents? It’s asking these kind of questions, through the structures of high drama, that makes Billions the best show on tv.

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