Songwriter, Winslow, is double crossed by the worlds hottest record producer, Swan, then badly scarred and presumed killed while attempting to get revenge. Returning as a masked 'Phantom' to ruin Swan's new club / theatre, Winslow sets about making sure no one but Phoenix (Jessica Harper), will ever sing the music that Swan has stolen from him.
It's not long though, before he is tempted into making a deal with Swan, and signing a contract that will cost him far more than he bargained for, as there is more to Swan than the world knows...
Phantom of The Opera, meets Faust, Rocky Horror style (and there's another classic of English literature in there for good measure too, but to name it would be to give a spoiler) in a 70's rock musical satire of the music industry.