Yes, it is. The movie 'That Thing You Do' was inspired by real - life events and the music scene of the 1960s. It captures the essence of what it was like for a band to rise to stardom during that era.
It is indeed a true story, or at least based on real - world elements. The film reflects the journey of a band, from their humble beginnings to potential stardom. It showcases the music industry's workings, the competitiveness, and the camaraderie among musicians, which are all aspects that were likely modeled after real - life situations in the music world.