In the early 1960s, a quintet of hopeful, young African-American men form an amateur vocal group called The Five Heartbeats. After an initially rocky start, the group improves, turns pro, and rises to become a top flight music sensation. Along the way, however, the guys learn many hard lessons about the reality of the music industry.

Aspiring actor and hot-dog stand employee Bobby Taylor catches the ire of his grandmother for auditioning for a role in the regrettably titled exploitation film "Jivetime Jimmy's Revenge." When Tinseltown Studios casts Taylor in the title role, he has a series of conflicted dreams satirizing African-American stereotypes in Hollywood, and must reconcile his career goals with his desire to remain a positive role model for his little brother.