Written by Adam Schlesinger, the song is performed by the fictional 1960s band the Wonders, who are the focus of the film.

Written by guitarist/vocalist Jimmy Mattingly II (though lead guitarist Lenny Haise claims co-authorship), it is originally crafted as a ballad, but during its first live performance at a local talent show, newly-recruited drummer Guy Patterson produces a much more up-tempo beat, turning the song from a ballad into an upbeat, Beatles-esque pop-rock number.

For their live performance of the song on The Hollywood Television Showcase, studio bassist Scott "Wolfman" Pell replaced T.B.

In the fictitious "mockumentary" liner notes from the film soundtrack CD, it is stated that "That Thing You Do" peaked at number 2 on the Billboard Hot 100 during the summer of 1964.

The song was released as a single, and although not as successful as was depicted in the film, the track still did moderately well in the US, peaking for three weeks at number 41 on the Billboard Hot 100 in November 1996.

[8] On April 25, 2017, three quarters of the actors who played the Wonders—Tom Everett Scott (Guy "Shades" Patterson), Johnathon Schaech (Jimmy Mattingly II) and Ethan Embry ("T.B.