I saw a headline:

The Thriller's Gone

Isn't that wrong? Using an apostophe (with an "s") would possession, right? In this case, it looks like Thriller owns "Gone" as opposed to (what I'm assuming the headline meant) "The Thriller Is Gone."

Any help is greatly appreciated
I agree with you. It is a contraction.
Here are some additional examples in which "is" has been contracted:

Jim's right. ('s = is)
The living's easy. ('s = is)

All's well that ends well. ('s = is)

All's fair in love and war. ('s = is)
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AnonymousUsing an apostophe (with an "s") would show possession, right?
No. Not necessarily. "Apostrophe-S" is used for possession, but also for other reasons.

She's going to the movie. "Apostrophe-S" means "is".
He's seen that movie. "Apostrophe-S" means "has".
Let's go to the movies. "Apostrophe-S" means "us".
Where's he usually get them? "Apostrophe-S" means "does". [colloquial; rapid speech]

All's you need is a new coat. "Apostrophe-S" means "as". [rare; slang]

In the headline you quoted "Apostrophe-S" means "is". That usage is not wrong.

It's obvious that it can't be showing possession because gone is a verb form. Nobody owns a gone. Emotion: smile

 Yankee's reply was promoted to an answer.
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