A disfigured composer sells his soul for the woman he loves so that she will perform his music. However, an evil record tycoon betrays him and steals his music to open his rock palace, The Paradise.

The Phantom: Phoenix, no one's singing in this Paradise again. No one's ever gonna sing my "Faust" again. No one but you. Phoenix, leave this place! Swan'll destroy you too!
Phoenix: You're crazy! Why should I go with you? Don't you hear them down there? Why should I give that up?
The Phantom: They'll want more now. They want much more. They want more than you could ever give.
Phoenix: I'll give them whatever they want.
Winslow Leach: [singing] All my dreams are lost and I can't sleep. Sleep alone could ease my mind. All my tears are gone and I can't weep. Old emotions may they rest in peace and dream. Dream a bunch of friends. Rest in peace and dream. Dream it never ends.
Beef: Can't you feel the vibes in your own house, man? Bad, sport, real bad. The karma's so thick around here, you need an aqualung to breathe.
Arnold Philbin: I know what it is.
Beef: Oh, you do, huh?
Arnold Philbin: Yeah. Do you want to know what it is?
Beef: Why don't you tell me what it is?
Arnold Philbin: Speed, that what it is.
Beef: Speed?
Arnold Philbin: Yeah.
Beef: What do you know about it? You just pass the stuff out, I take it. I know drug real from real real.
Swan: Saturday, November 19, 1953. Today, I have decided to kill myself. Being the greatest showman of my time, I'm recording live for the Swan Archives. Why? It's simple, I'm getting old. Oh, I can't bare it. To see this beautiful face ravaged by the forces of time. If I can't be young forever, I'd rather end it all - now!
Beef: Listen, Philbin. There really is a phantom. He was just in my shower. He threatened my life. He said his music was just for Phoenix. Only she can sing it. Anyone else who tries, dies.
Arnold Philbin: What the hell are you talking about?
Beef: Look, Philbin. I am a professional. I have been in this business a long time. Now if I don't want to do a show, it's not because I got stage fright. It's because some creature from beyond doesn't want me to do the show. Now gangway.
Swan: Winslow, what a foolish thing to do. Didn't you read you contract closely? See where it says Terms of Agreement, can you read what it says? "This contract terminates with Swan." No more suicides, Winslow. You gave up your right to rest in peace when you signed this contract. What if you do find a loophole? Is that what you're thinking? Forget it. That stays sealed only as long as I have the power to bind you. If I'm destroyed, that gaping wound opens. You might say we terminate together.
Arnold Philbin: You know what?
Winslow Leach: What?
Arnold Philbin: I think the Juicy Fruits are gonna dig it.
Winslow Leach: The Juicy Fruits?
Arnold Philbin: I'm not promising anything, kid...
[Winslow slams Philbin against the wall]
Winslow Leach: I'm not gonna allow my music to be mutilated by those greaseballs!
Arnold Philbin: Hey, take it easy...
Winslow Leach: I'M THE ONLY ONE WHO CAN SING "FAUST"!
Swan: [to an assassin, ragged voice] Remember, she must be hit just as Philbin says "Til death do you part."
Arnold Philbin: Now, what a minute. This may be none of my business or anything. But if you're gonna kill her, why do it here tonight?
Swan: An assassination live on television coast to coast? That's entertainment!
The Phantom: "All art..."
[Swan has moved to the other side of the Phantom]
The Phantom: "All articles which have been excluded shall be deemed included." What does that mean?
Swan: That's a clause to protect you, Winslow. Anyway, what difference does it make? What choice do you have?
The Phantom: [after reading the contract] I'll rewrite my cantata. But you best play what I write.
[Swan pokes the Phantom's finger with his pen, drawing blood]
Swan: Ink isn't worth anything to me, Winslow. Now sign.
[the Phantom signs his real name]
Swan: Excellent.
[Swan draws his own blood and uses a rubber stamp to sign his own name]
Swan: And now we're in business. Together. Forever.
Swan: [holding a contract] It's all here. Read it carefully, and then sign at the bottom in blood. Messy, I know, but it's the only way I can bind you. Tradition. What do you have to lose?
The Phantom: [singing] Like a circus on parade / Seldom close enough to see / I wonder through an angry crowd / Wonder what's become of me / To work it out, I let them in / All the good guys and the bad guys that I've been / All the devils that disturb me / And the angels that defeated them somehow / Come together in me now.
Swan: [Crowd chants Beef's name as his corpse is carried away in a body bag] Look at them, they've really been entertained. They never want this show to stop. The Paradise is more magnificent than I ever dreamed.
Arnold Philbin: Sure, how often is a rock star fried on stage?
Swan: Quite an attraction.
Swan: Here's the contract. Everything I've said and more is in it.
The Phantom: I'll read it.
Swan: At your leisure.
The Phantom: "The party of the first part gives the party of the second part and his associates full power to do with him at their pleasure. To rule, to send, to fetch, or carry him or his, be it either body, soul, flesh, blood or goods." What does that mean?
Swan: That's a transportation clause.
The Phantom: [singing] Half asleep, I hear a voice / Is it only in my mind? / Or is it someone calling me? / Someone I failed and left behind / To work it out, I let them in / All the good guys and the bad guys that I've been / All the devils that disturb me / And the angels that defeated them somehow / Come together in me now.
Winslow Leach: But I'm innocent! Swan stole my music and FRAMED ME!
Swan: Phoenix, Swan here. I want you to answer a question for me.
Phoenix: Yes.
Swan: What would you give me to sing?
Phoenix: Anything you want.
Swan: Anything? Would you give me your voice?
Beef: Oh, I knew I shouldn't be screwing around with the dead man's music. This place is possessed.
Arnold Philbin: What are you talking about?
Beef: You trying to tell me you didn't hear that shriek? That was something trying to get out of its premature grave, and I don't want to be here when it does.
Arnold Philbin: Opening night prima donnas. Look, iron man. If you so uptight, take a shower and cool off.
Beef: My pleasure... bones.
Swan: [to Phoenix] Your voice, remember? You promised me your voice! Our contract, remember?
The Phantom: [to Beef] Never sing my music again. Not here, not anywhere. Do you understand? Never again. My music is for Phoenix. Only she can sing it. Anyone else who tries, dies!
Beef: Man, you better get yourself a castrato for this, 'cause it's a little out of my range.
Swan: Something bothering you, Beef?
Beef: Swan, this was scored for a chick. I'm not doing it in drag.
Swan: You can sing it better than any bitch.
Beef: You don't know how right you are, Goliath.