We show that holographic thermal two-sided two-point correlators take the form of a product over quasi-normal modes (QNMs). Due to this fact, the two-point function admits a natural dispersive representation with a positive discontinuity at the location of QNMs. We explore the general constraints on the structure of QNMs that follow from the operator product expansion, the presence of the singularity inside the black hole, and the hydrodynamic expansion of the correlator. We illustrate these constraints through concrete examples. We suggest that the product formula for thermal correlators may hold for more general large N chaotic systems, and we check this hypothesis in several models.
