Tom Hanks' directorial debut was a lovingly told story about a fictional Erie, PA quartet called The Wonders. Set in 1964, That Thing You Do! (1996) follows the British Invasion-influenced band as they climb the charts with their first and soon-to-be sole hit--which gives the film its title--while documenting the inner turmoil that leads to their breakup before releasing a followup, unavoidably making them one-hit Wonders.
That Thing You Do! is a nice slice of early '60s nostalgia; of a more innocent time when a catchy tune was enough to make a bunch of Beatles-loving kids fleeting stars. (The Wonders themselves are said to be loosely based, stylistically speaking, on The Dave Clark Five of which Hanks is a big fan.) As a general rule, we trust actors who are big music fans when they choose a music-related project to direct and/or produce. With its attention to detail succeeding in capturing the essence of what it must've been like for those that in real life traveled in The Wonders' footsteps, it's easy to see how this small film was a labor of love for Hanks (who also wrote its script). He certainly does not disappoint in his first trip behind the camera.
As for the song itself--written by Fountains of Wayne bassist Adam Schlesinger and sung by Mike Viola of The Candy Butchers--it was a Top 40 hit in 1996, and received nominations for both an Academy Award and a Golden Globe, respectively. Not bad for a make believe band, huh?