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(Write up from the Brattle website sez it all):
One of the strangest and most engrossing rock operas ever to confuse an audience! This New Year’s, join us for a madcap adventure through this bizarro adaptation of Phantom of the Opera. Music impresario Swan (diminutive 70s star Williams) steals the musical score and the star of unstable composer Winslow Leach’s greatest work. Leach tries to sabotage the production but is instead horribly disfigured and becomes The Phantom of Swan’s rock palace, The Paradise. A cult film seemingly from conception, PHANTOM OF THE PARADISE is simultaneously a damning critique of 70s rock excess and an over-the-top, glam-rock confection.

SERIOUSLY one of Brian De Palma’s best, and most odd. Definitely something to consider for the earlier part of your NYE.
SHOWTIMES: 5pm, 7pm, 9pm
Here’s the trailer: