I feel there are three reads on film one supernatural and two very, very different mundane reads.
This is ironically the most straightforward read of the film, everything about it is spelled out directly in the film. It is my preferred read because my horrible gremlin brain wants to write fan fiction for a Snick show that doesn't even exist
This takes the position that our narrator and protagonist, Owen, is a reliable narrator outside of the explicitly supernatural elements of the film. I see this as a fairly common read among cis heterosexual reviewers of the film and IMO it is a read that is misguided at best, and represents a refusal to engage with the film at worst.

It think this PoV is why there are number of reviewers that feel like the film doesn't cohere, because this view inherently creates a number of disconnects. It makes the disconnect between who Owen and Maddy/Tara talk about their relationship and how it's framed by the film and what we see on screen. It makes it seem like Owen was almost okay with being buried alive because he's obsessed with some old show. It makes the change over from Owen's finale narration segment to the actual final scenes feel like whiplash.

This comes from two places:
1)Seeing the media and nostalgia aspects of the film as being the primary point
2) Not getting that Owen is a trans woman. Not a metaphor for being trans, not allegorically trans, but a textually trans character

Taken together they make the final narration seem like a genuine step forward and escape from obsession instead of being cope from a repressed autistic trans woman trying to justify living in misery and without that it is hard to understand the ending.
The final read is that through deliberate editorializing and repression the mundane elements of Owen's narration are as distorted and falsified as the supernatural elements. That the difference between what the context and framing paints of Owen and Maddy/Tara's relationship and what we're actually shown of that relationship is because their relationship had a lot of things that Owen does not want to think about.

The big example of this that we're actually show is Owen in Isabel's prom dress watching the moon with Maddy on the football field, that literally can't just be them projecting on to the characters from the show, because the lead characters in the Opaque pink are never on screen together. If you see that as a thing that actually happened everything starts to click into place. Maddy's not asking the boy she makes tapes for and occasionally watches TV with to run away with her, she's asking the girl she's has or is starting to have a romantic relationship with to run away with her.

It also wouldn't surprise me if this also extends to how Owen remembers her brief run in with Tara in 2006 and how even how they view the Pink Opaque when watching it on streaming[1]. This also extends to the ending where to some degree how she views her self is body dysmorphia as she's only ~43 in the finale scenes.

I also think this mundane interpretation, like the supernatural one allows for a more optimistic read on the ending Isabel has finally looked insider herself which is the first step to transitioning.

[1]The "good" version that Owen remembers through most of the film is still very cheap, dated, and hokey in a very Snick way, while the version we see on Owen stream is cheap, dated, and hokey in much more of a bad Saban way.
 
jesus christ this movie

basically if you are a straight person you'll probably bounce off and if you are a queer person this will tear your fucking heart in half
 
I feel there are three reads on film one supernatural and two very, very different mundane reads.
This is ironically the most straightforward read of the film, everything about it is spelled out directly in the film. It is my preferred read because my horrible gremlin brain wants to write fan fiction for a Snick show that doesn't even exist
This takes the position that our narrator and protagonist, Owen, is a reliable narrator outside of the explicitly supernatural elements of the film. I see this as a fairly common read among cis heterosexual reviewers of the film and IMO it is a read that is misguided at best, and represents a refusal to engage with the film at worst.

It think this PoV is why there are number of reviewers that feel like the film doesn't cohere, because this view inherently creates a number of disconnects. It makes the disconnect between who Owen and Maddy/Tara talk about their relationship and how it's framed by the film and what we see on screen. It makes it seem like Owen was almost okay with being buried alive because he's obsessed with some old show. It makes the change over from Owen's finale narration segment to the actual final scenes feel like whiplash.

This comes from two places:
1)Seeing the media and nostalgia aspects of the film as being the primary point
2) Not getting that Owen is a trans woman. Not a metaphor for being trans, not allegorically trans, but a textually trans character

Taken together they make the final narration seem like a genuine step forward and escape from obsession instead of being cope from a repressed autistic trans woman trying to justify living in misery and without that it is hard to understand the ending.
The final read is that through deliberate editorializing and repression the mundane elements of Owen's narration are as distorted and falsified as the supernatural elements. That the difference between what the context and framing paints of Owen and Maddy/Tara's relationship and what we're actually shown of that relationship is because their relationship had a lot of things that Owen does not want to think about.

The big example of this that we're actually show is Owen in Isabel's prom dress watching the moon with Maddy on the football field, that literally can't just be them projecting on to the characters from the show, because the lead characters in the Opaque pink are never on screen together. If you see that as a thing that actually happened everything starts to click into place. Maddy's not asking the boy she makes tapes for and occasionally watches TV with to run away with her, she's asking the girl she's has or is starting to have a romantic relationship with to run away with her.

It also wouldn't surprise me if this also extends to how Owen remembers her brief run in with Tara in 2006 and how even how they view the Pink Opaque when watching it on streaming[1]. This also extends to the ending where to some degree how she views her self is body dysmorphia as she's only ~43 in the finale scenes.

I also think this mundane interpretation, like the supernatural one allows for a more optimistic read on the ending Isabel has finally looked insider herself which is the first step to transitioning.

[1]The "good" version that Owen remembers through most of the film is still very cheap, dated, and hokey in a very Snick way, while the version we see on Owen stream is cheap, dated, and hokey in much more of a bad Saban way.

I favor the top level reading. I love isekai bits, and there's a lot of circumstancial evidence about how the show is the 'real reality' in universe.

jesus christ this movie

basically if you are a straight person you'll probably bounce off
As a straight person I'll say that actually you underestimate the quality of the writing. There's the straight forward narrative reading of it which is quite enjoyable. A little too bad it didn't have a wider release in my area.
 
Popping in to say I just saw this movie. It's late as hell. I want to cry. It absolutely annihilated me on a personal level. I saw it by myself so that was a whole other level of reflection. At times the movie was so viscerally disturbing I wanted to get up and leave. This movie is so good but it also fucking hurt.
 
Saw it on Saturday, I think I'm early enough to avoid necroing; I have not been able to sum up my thoughts beyond "devastating." (And "it was probably a bad idea to watch this during a prolonged personal crisis," but oh well.) There were moments when I was sure I'd start sobbing the moment I got out of the theater. Days later, I think I've recovered, but i just keep thinking about it and I'm wrecked all over again.
 
So I am a very cis, very heterosexual, very white, very middle class guy so I am absolutely not the target audience for this film and so my enjoyment of it largely consisted of general appreciation of the craft, and even I was left with that final sequence going 'oh my god this is a nightmare, nightmare nightmare night mare nightmare'. I can't even imagine how it hits if you're anyone on any aspect of the LGBT gradient.
 
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Saw it tonight, it broke my heart in half.
I am bi not trans but holy shit the movie felt like it was speaking directly to me at points, the idea of feeling depressed and trapped in a bad domestic situation, feeling your life move on auto pilot in front of you, your childhood your supposedly best years just feeling melancholy and suffocating because you don't know who you are but know on a level you cant explain that everyone around you disapproves of you so you bury yourself in fantasy and escapism... yeah.
 
Not much to add here, except that this movie is visually and audibly mindblowing. The scene of Owen walking through the hallway with handwriting covering the screen and that incredible song playing was something else. As was the live performance in the bar.
 
Thinking about it, a good description for this movie would be something like "A two part episode of Twin Peaks the return, guest directed by Natalie Wynn"
 
I need to put down my more extended thoughts because the movie will not leave my brain so please forgive the double post.

Firstly a small disclaimer, I will be using They/them pronouns for the character Owen, this is not to diminish their status as a trans character or to minimize the themes of the film more that I feel it is most appropriated since while it is obvious they are trans it is never specified what they would identify as if they came to terms with their identity and came out. Given the nature of the movie it feels a bit wrong to assume and apply definitive labels.

In regards to my perception of the film in terms of mundanity versus fantasy I suppose that it doesn't really matter and the delineation is kind of false, what matters more is the themes and message. It is very similar to Twin Peaks or True Detective in that sense where if you obsess over mapping out and explaining the supernatural elements of the show over the character drama and the message then you are missing the forest for the pine trees.

The message is clearly about the trauma and experience of growing up queer in a world that does not accept you, wasting your life repressing who you are only to crumple under the weight of your regret. Whether that is purely mundane or magical or both isn't really important.

In regards to the Pink Opaque show, my reading is that it is basically Buffy the vampire Slayer, a surprisingly queer show that for many in suburbs in the 90s was a oasis of something different in a desert of heterosexual monogamy. This is supported by the fact that Maddy uses terms like Big Bad and Monster of the week when describing the plot of The Pink Opaque, popular terms on Tvtropes a website that started its existence cataloging Buffy the Vampire slayer. Later when Owen rewatches the Pink Opaque and sees that it is not as scary or interesting as they remember I felt that was a reference to real life fans of such material life Buffy who not only find their childhood classics to be less funny or scary then they remember but also less queer more dated and problematic then they would like to remember.

For Owen and Maddy the Pink Opaque was a window into another world they only half recognized in themselves it is a good and positive thing, but in the end it is not good enough on its own. It is not enough vent your queer identity by obsessing and cataloging a piece of queer media (or discussing and writing fanfic of said media on a site like SV :V ) , at some point you must live your own life and live it authentically to you. That is what I took away from Maddy and her speech under the star tent, and Owens rejection of her and the graves. Her's is a tragic false liberation, she is essentially one of the denizens of the final fantasy 7 house or one of the victims of Andrew Blake a man who manipulated and groomed vulnerable induvials through Lord of the Rigs and Harry Potter fanfiction, slowly convincing people they like him were reincarnations of fictional characters and that they were destined to be together.

The message I took away from it was that Maddy's plan and her psychosis isn't the answer, there is no magic spell of portal that can let you go back in time and save the life you could have lived being the queer person you are. The only way out is by accepting yourself and doing what you can with the time you have left, and as the movie said "There is still time" It's never too late to be who you are and feel the joy the world has denied you. The best time to plant the tree was ten years ago, the second best time to plant the tree is today.

Some other random less organized thoughts.

I realize in the context of the movie, Owen's fathers line about the Pink Opaque "Isn't that a girls show?" is a dark sign of the kind of oppressive atmosphere that Owen lives under and continues to feel even after their fathers passing but to me it made me laugh because I have fond memories of binge watching Buffy the vampire slayer with my father as a teen on the Space channel. Speaking of, while I don't want to disrespect other peoples experiences I would like to see more media where the father is the supportive comforting one in regards to their queer child. Personally speaking my father was way more accepting of my gayness and my siblings nonbinaryness then my mother was.

Another thing that might not be for me to say but this was my impression, Mr Melencholys minions Marco and Polo seemed to be designed to provoke a sense of dysphoria their designs echoing a kind of transphobic caricature of grotesque androgyny.

Some Criticisms.

The movie is overall amazing at setting a tone but I will admit I found the penultimate sequence where Owen remembers the finale Pink Opaque episode a little bit too much. The VFX were wonderful in a terrifying way (especially the effect on Mr Melencholys face rippling like tv static) but it strayed a little bit too close to creepypasta haunted mario game .exe esq stuff to me. IDK maybe I am a bit too internet poisoned but it just didn't work for me the way the rest of the movie did.

Another thing is connected to my previous post here. The movie is good but leans into its homage to Twin Peaks a little bit too much at times for my taste, in that it became a bit distracting during certain scenes like the important conversation between Owen and Maddie at the bar which felt cut and paste out of an episode of Twin Peaks the return.

Last thing is the movies portrayal of Owen's jobs, I understand and relate to the feeling of being trapped and suffocated in a dead end job but it also comes off a bit insensitive and classist to portray such work as a literally soul consuming vortex of despair.

overall amazing movie definitely something that is going to haunt me for a long time 8/10
 
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Another thing is connected to my previous post here. The movie is good but leans into its homage to Twin Peaks a little bit too much at times for my taste, in that it became a bit distracting during certain scenes like the important conversation between Owen and Maddie at the bar which felt cut and paste out of an episode of Twin Peaks the return.
Honestly I loved the roadhouse scenes in Twin Peaks: The Return and I loved the bar scene in this movie. I thought Phoebe Bridgers' performance was spellbinding.
 
I... wow. Finally saw the movie and will probably have more thoughts on it... later, but this was incredible. Genuinely a horrifying masterpiece in my opinion, the last 40 minutes were some of the most painful viewing experience I can reasonably remember, like, holy shit. Just TOTALLY blown away.
 
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