According to the materialist investigation of the US audiovisual industry, Dallas Smythe proposed the influential “audience commodity theory (ACT),” which is revisited in this article by analyzing industrial data. The current findings indicate that advertising revenue is insufficient to support content production and that the exclusive ad-support model is detrimental to the price discrimination of content, which is necessary for the modern audiovisual industry. This article proposes three limitations of the ACT: First, the so-called materialist analysis of ACT focuses on audiences’ activities only. Second, the effectiveness of advertising revenue may be exaggerated in the theory. Third, confusing the line between productive and unproductive processes leads to the blind spot of political economy analysis. Accordingly, this article concludes that ACT can focus on the productive activities of content production, particularly in new media, to improve its usefulness.