Is it the greatest movie ever made? No. Is it just constantly enjoyable and delightful at every second? Absolutely. What a blast. Has everything one could possibly want out of a movie - romance, tragedy, horror, Paul Williams doing all the music and playing the villain, a himbo named Beef, and Jessica Harper!
Absolute crime against creativity that it flopped at the box office. Truly, Phantom of the Paradise walked so The Rocky Horror Picture Show could run... And I think I'd take Phantom of the Paradise any day.