In this commentary I explore the significance of Valerie Walkerdine's paper ‘Video Replay: Families, Films and Fantasy’. I review its impact in 1986 and then discuss how some of its ideas about subjectivity and popular culture - specifically film - can be developed in the contemporary context. A recurring fantasy of Rocky II and its reception is that of social and psychological transformation. I address this theme by drawing on the work of Christopher Bollas to argue that Walkerdine's psychosocial analysis continues to facilitate, across a range of contexts, some of the transformational processes described in her article.