The theory of ‘The Substance’ that completely changes the meaning of the movie
This horror story starring Demi Moore and Margaret Qualley explores the excesses of show business and how women are treated as “disposable” in the industry.
The Substance was one of the most acclaimed films of 2024. This body horror movie, starring Demi Moore and Margaret Qualley, is, at its core, a story about the immense beauty standards imposed on women in the entertainment industry. And, like many other films in the genre, it is filled with ambiguity, allowing for multiple interpretations by the audience. In this piece, we’ll explore an intriguing theory that suggests most of the film’s events never actually happened but were instead part of a dissociative episode experienced by Elisabeth Sparkle.
The Substance theory: Most of the film only happens in Elisabeth’s mind
In The Substance, Elisabeth Sparkle (Moore) is a Hollywood star who is fired by her producer on her fiftieth birthday. After her dismissal, she gets into a serious car accident, distracted as she watches workers remove her image from a billboard. This moment is the film’s major turning point, as the story takes a surreal and unexpected turn from here.
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The accident itself can be interpreted not only as her downfall in the entertainment industry but also as the trigger for a dissociative episode caused by the intense trauma and stress she experiences. The sudden appearance of a miraculous substance that allows her to regain her youth through Sue, her alter ego, symbolizes her desperate need to cling to fame and beauty—elements that had defined both her career and her identity.
As the film progresses, The Substance introduces increasingly delirious elements that defy logic, possibly signaling that we are seeing the world through a fractured mind. Her extreme physical transformation, the split between her identity and Sue, and the way those around her accept Sue’s sudden appearance without question could all be mental constructs Elisabeth creates to cope with her crisis. In this sense, everything that happens after the accident could be seen as a visual manifestation of her internal struggle: a woman who was once celebrated for her beauty but is now unable to accept her new reality, leading her to retreat into a fantasy where she has “reclaimed” her youth.
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The “convenient” timing of the Substance’s appearance—right after her firing and accident—along with its incredible effects—creating a physically separate, younger version of herself—could also serve as clear indicators of Elisabeth’s desperate wish for a “miracle” to restore her former glory and public favor. Her increasing dependence on this experimental drug just to remain in the spotlight a little longer could also be interpreted as a metaphor for alcohol and drug use among aging stars struggling to maintain their relevance.
The film’s climax further reinforces this theory. Elisabeth’s gradual loss of control over the Substance could represent her repeated refusals to accept reality, while her confrontation with her younger self symbolizes the battle between her past and present. At one point, Sue completely replaces Elisabeth in the public eye, which could reflect how Hollywood and society discard women once they no longer fit within beauty standards. If we assume the entire story is a dissociative episode, it means Elisabeth never actually “regained” her youth—her mind simply trapped her in a surreal nightmare where she still had some sense of control… until she completely lost it.
This interpretation would change the reading of The Substance entirely, turning it into a much more tragic story. Instead of a body horror film about the obsession with youth, it would be the tale of a woman trapped in her own psyche, unable to accept that she has been discarded by a ruthless industry—aligning more with psychological horror. Ultimately, her true battle isn’t against a “cursed substance” or even her younger self, but against a society that has condemned her to obscurity simply because she has aged. When you think about it, this alternative interpretation is even more unsettling than the grotesque physical transformations seen in the film’s literal reading.
Where to watch The Substance online
At the time of this publication, The Substance is available on Amazon Prime Video and Apple TV+. Keep in mind that the film’s availability on these platforms may change over time.