With the bills mounting up it's just another problem adding up for Peter Parker. Still visiting his Aunt May and blaming himself for her recent fainting spell, Peter is visited by Mary Jane and her Aunt Anna. Gwen then calls and invites Peter out to Flash Thompson's farewell party (as he is returning to duty in Vietnam.) When out trying to find crimes in hopes of taking pictures of Spider-Man in action, all Peter gets for his trouble is being doused with soot from the smoke stack.

When swinging by a television station, Spider-Man decides that maybe he should try his luck at show business and bursts in on a group of network executives in a meeting and offers the chance to appear on one of their late night talk shows. Believing that it could mean big ratings, the men agree to put Spider-Man on as a guest on the Midnight Show, a popular late night talk show.

Unaware to Spider-Man, Max Dillon -- his old foe Electro -- has been released on parole and has been given a job at the television studio as an electrician. He is furious that he has to report to a parole officer all the time, and is aching to get back into the world of costumed villainy. That night when listening to one of J. Jonah Jameson's televised editorials, speaking out against Spider-Man's appearance on the show, Dillon finds a good excuse to get back into action as Electro.

As Peter's financial woes get the better of him, causing him to snap at another one of Flash's harmless flirtations towards Gwen, he storms out of the going away party. Jameson meanwhile is visited by Electro who offers to defeat Spider-Man during his television appearance for a thousand dollars, in exchange for good press to make him sound as though he's a hero. Gwen catches up with Peter, where they talk about his insecurities and inability to balance his life and they make up once more. At that same time Jameson is getting Joe Robertson and George Stacy to join him for that evenings taping of the Midnight Show, Joe is a little more than suspicious of Jameson's interest in the show.

A while later, Peter learns when he has to appear on the Midnight Show as Spider-Man, but realizes his costume is still a mess. Although the whole experience is embarrassing, Peter puts on a disguise (including a paper bag over his head) so he can go to the laundromat to clean his Spider-Man costume.

That night at the Midnight Show, his interview is cut short when Electro attacks. Although the audience flees, Jonah stays on location to watch the fight. Spider-Man manages to defeat Electro by swinging his foe into some live wires causing a short circuit which knocks both of them out. Electro manages to escape, and Spider-Man decides to slink off as well because he will certainly not be paid after all this. Upon getting home, on top of all his other problems Peter finds that parts of his costume have been burnt, as well as his own hands. Feeling the defeat, he resigns himself to bed.

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