Planet Money — “The Business of Heated Rivalry” (March 4, 2026)

Episode Overview

This episode dives into the unexpected runaway success of Heated Rivalry, a steamy, LGBTQ+-centered hockey drama from Canada, and uses it as a lens to explore the differences between the Canadian and US television business models. Host Kara Swisher talks with creators Jacob Tierney and Brendan Brady about creative funding structures, production strategies, intellectual property (IP) ownership, and how streaming and AI are shaping the industry. The discussion is lively, irreverent, and filled with unique insights on “business as culture” through the story of a show that’s upended expectations.

Key Discussion Points & Insights

From Cult Hit to Economic Case Study [00:23–01:46]

• Heated Rivalry is introduced as a surprise global hit: a fictional hockey team’s TV jerseys sold out instantly, even though the show was made on a shoestring budget by TV standards.
• The hosts marvel at how a Canadian series, based on a women-authored queer romance, garnered so much international buzz—and sold out all associated merchandise.

How Canadian TV Makes Its Money [05:59–11:44]

• Brendan Brady explains the Canadian funding ecosystem:

  • Government subsidies, equity programs, and grants make up 40–60% of the budget (via tax credits and direct funding).

  • The broadcaster (e.g., Crave) typically contributes 20–30%, and the rest must be raised by producers themselves, sometimes requiring them to invest their own fees.

  • Unlike the US, Canadian producers almost always retain IP rights, giving them long-term merchandise, international sales, and creative control benefits.

    Notable quote:
    “We, as the producers, own all the underlying IP. ...That is a big...we are the studio, it is ours.”
    — Brendan Brady [10:22]

• Budget comparison:

  • Heated Rivalry was made for under $3 million CAD per episode—“deeply low” for an hour-long drama, compared to US averages of $4–10 million.

The Art of ‘Keeping it Tight’: Efficient Canadian Production [12:26–15:41]

• The team filmed six episodes in just 36 days, with all scripts finalized before production.
• They shot all episodes as if making one long movie (“block shooting”).
• Standard 10-hour workdays improved cost control and quality of life—especially for female-dominated departments (wardrobe, makeup, hair), combating the norm of grueling hours.
• Jacob Tierney calls his approach “anti-fascist filmmaking”:

  • Opposes “top-down” perfectionism and countless takes, emphasizing collaboration and ensemble work.

    Notable quote:
    “There’s a desire often for perfection that is, I think, not only unachievable, but also insane and cruel to be even attempting.”
    — Jacob Tierney [14:36]

    “Film and TV is an ensemble process. Otherwise, go write a book.”
    — Jacob Tierney [15:13]

The Value of Owning Intellectual Property [15:44–17:58]

• Retaining IP means creators benefit from long-term revenues, especially as merch demand explodes.

• In the US, networks buy outright; in Canada, producers keep rights but must “hustle” to finance the show.

• The team highlights how prior models rewarded creators for their hits long-term.

  Notable quote:
  “For a hundred years this business was run on the idea that creators and the people who made it got to own and benefit from what they did for their entire lives. And I think that’s something worth fighting for.”
  — Brendan Brady [17:39]

Streaming’s Effects on Storytelling [20:21–23:35]

• Kara plays a Matt Damon clip (from Joe Rogan) about streaming platforms demanding more “grabby” openings and repeating exposition, due to viewers’ split attention (“people are on their phones”).

• The creators say their show sidesteps these problems—the narrative depends on nuance, subtext, and tension; viewers must pay attention to “what’s not being said.”

• Brendan and Jacob acknowledge the trend toward simplification but insist some shows still demand engagement.

  Notable quote:
  “People saying, like, ‘This is a show you have to pay attention to. If you’re on your phone, you’re not going to get it because it’s so much about what is not being said, about catching looks between people.’”
  — Jacob Tierney [21:50]

Industry Shifts, Mergers, and Competition [23:43–25:56]

• The impact of mega-mergers (like Paramount’s bid to buy Warner Bros. and HBO) is complex:
  • The show's international distribution is territory-based; HBO and Crave’s relationship is crucial in Canada.
  • The creators are largely insulated creatively because HBO acquired, not produced, the show; future platforms will simply have “first dibs” on sequels.
• They call for more, not less, competition in streaming, opposing consolidation.

AI and the Future of Creativity [25:56–27:54]

• The creators are pragmatic but cautious about AI:

  • They see opportunity in AI for administrative tasks (budgeting, scheduling), but not for creative writing or direction.

  • “Friction” and human communication are essential for the creative process; seamlessness isn’t always the goal.

    Notable quote:
    “Those moments of friction...are hard to replicate. I think we underestimate the importance of friction in the creative experience.”
    — Brendan Brady [27:28]

What’s Next for the Team? [28:08–29:48]

• The success of Heated Rivalry has opened doors. The team teases an upcoming project, The King is Dead—a historical action-comedy created by Indigenous writer Tim Fontaine, about Indigenous characters sailing to England to attempt to kill King George III.
• The segment underscores their mission to center diverse, underrepresented voices with humor and originality.

Notable Quotes & Memorable Moments

• “It’s a romance. It’s from a romance.” — Kara Swisher, on the show’s joyful, unapologetic tone [07:53]
• “We shot all six episodes in 36 days... we block shot them like one giant movie.” — Brendan Brady [12:30]
• “The producers get to [own the IP]. ... The flip side in the US is you’re making way more money up front. I don’t think either is right or the other’s wrong. I just think our system is something to protect.” — Brendan Brady [15:58]
• “You just have to give me IP and they said, why do you have to have it? I said, it’s none of your business. Yeah, because I want it.” — Kara Swisher [17:39]

Timestamps for Major Segments

| Timestamp | Segment | |--------------|-------------------------------------------------------| | 00:23–01:46 | Introduction: The merch phenomenon & US vs. Canada | | 05:59–11:44 | How Canadian production funding works | | 12:26–15:41 | Efficient Canadian filming; anti-fascist style | | 15:44–17:58 | The importance (and legacy) of IP ownership | | 20:21–23:35 | Streaming’s effect on creative style (feat. Matt Damon)| | 23:43–25:56 | Mergers & distribution: Impacts for creators | | 25:56–27:54 | AI’s role in production and creative “friction” | | 28:08–29:48 | Future projects & shifting cultural narratives |

Tone & Takeaway

The conversation brims with irreverence and passion: Kara’s dry wit, the creators’ sardonic frankness about financing and creativity, and a sense that the Canadian TV business—humble, risky, but rewarding—may hold lessons for a bloated, risk-averse American industry. The episode ultimately champions inventive storytelling, economic models that reward true creators, and the value of friction, imperfection, and creative autonomy.

Recommended for listeners curious about how culture, economics, and business models shape what we see on screen, and what the future holds for entertainment’s power players—and underdogs.