The plot of Jubilee centers around the aspirations of people who aim to achieve success in the Bollywood film industry during India's golden era of cinema. However, they quickly come to terms with the fact that real life is not as idyllic as depicted in films. Currently, the show is available for streaming on Prime Video.

Warning: This article contains heavy spoilers

Plot summary

The story revolves around the film industry in Mumbai during the time of communal riots before the Partition.

Binod Das worked for Srikant Roy, the owner of a popular film studio called the Roy Talkies, in Mumbai, in July 1947. Srikant was educated in Germany and known for bringing in new talent and making them stars. His wife, Sumitra Kumari, was a famous actor and also had an equal share in the studio. Sumitra was in charge of the business matters of the studio. Srikant wanted to launch a new actor named Jamshed Khan in his upcoming film, Sunghursh. But, since Jamshed was Muslim, he had to change his name to Madan Kumar. Binod was sent to bring back Jamshed and Sumitra, who were having an affair, from Lucknow. While on the way, Binod bribed the police to help a stranger named Jay Khanna. Jay was a friend of Jamshed and was told that he would work in his father's theatre company in Karachi. Binod blackmailed Sumitra with pictures of her with Jamshed and they decided to run away to Karachi together. However, Binod killed Jamshed in a fight and left him in the burning car. Meanwhile, communal riots were taking place all over the country before the Partition. Jay's family also had to migrate to Bombay after losing everything during the Partition. Jay met Binod, who was now known as Madan Kumar, and helped him get a job in the studio's canteen. Niloufer, a sex worker, who was introduced to Jay by Jamshed, became an actor and started an affair with Walia, the film's financier. Niloufer befriended a girl named Meena at an audition. When Madan's film became a super hit, Niloufer wished to be with him, even though she knew he was married. Maqsood, Jamshed's friend, found out that Madan drove Jamshed to the station on the night he died and tried to blackmail Madan. Sumitra wanted to file a murder case against Madan, but they did not have substantial evidence against him. However, Nanik Jotwani, a very influential man, wanted Madan to star in a propaganda film for the USSR as both the US and the USSR wanted to exert their influence over India through cinema and radio

Jubilee ending explained in detail:

Does Jay convince Walia?

Jay meets Walia to present him with the script for his film called Taxi Driver, but is disappointed when Walia expresses his disinterest in investing in scripts and instead offers Jay a job as his driver. Despite this, Jay accepts the job with hopes of making industry connections while driving Niloufer to the film studios. However, he soon discovers that Walia is involved in producing pirated films and confronts him, urging him to take a risk and invest in someone's ability. Eventually, Walia agrees to finance Jay's film, but only on the condition that Madan Kumar stars in it.

In addition to financing, Jay also needs land to build his studio. He seeks the help of Pratap Singh, a local politician, who initially refuses to help due to Jay's past refusal to support him in the elections. However, Pratap has a change of heart after learning that his daughter, Kiran, has fallen in love with Jay. He agrees to help Jay if he agrees to marry Kiran. Despite being in love with Niloufer, Jay accepts the proposal and gets a loan as well as the land through the Refugee Department quota.

Does Raghu take Walia’s offer?

Jay approaches Madan to star in his film Taxi Driver, after being impressed with the script. Madan, who desires independence and is weary of being controlled by Roy, agrees to be the protagonist in Jay's film.

Madan discloses this decision to Roy, but Roy deceives him by stating that Sumitra is still on the lookout for Jamshed and Jay Khanna. Roy insists that if Sumitra comes across Jay, Madan's association with Jamshed's death could be exposed, and Madan may lose everything.

Madan attends the inauguration event with his wife Ratna but refuses to act in the film after discovering that Walia is financing the project. Despite Jay and Walia's attempts to convince him to let go of the past, Madan is unwilling to forget the insults hurled at him by Walia.

Madan expresses his willingness to act in the movie only if they find another financier, but Jay is reluctant to let go of Walia as he was the one who invested in him first. Madan walks away from the film, leaving Jay in despair with no choice but to face his mounting debts.