The Phantom of the Paradise, the vastly underrated horror-tinged rock opera from the minds of Brian De Palma (Carrie) and Paul Williams (The Muppet Movie), might be getting a new musical adaptation. Movie Maker reports that Williams and Sam Pressman, whose father Ed Pressman produced the 1974 cult film, are currently developing it as a stage production.

“I’m excited about having a chance to deliver what fans have been suggesting for years… POTP as a stage musical,” Williams said in a statement to MovieMaker. “I think its time has come!” American Psycho author Bret Easton Ellis has been approached to pen it (please, no), but he’s not committed according to the report.

If you’ve never heard of The Phantom of the Paradise, get thee to a revival theater screening or rent it online—especially if you’re a Muppets fan. I know it seems weird to draw a line from “Rainbow Connection” and “no cheeses for us meeces” to a glam and gory ’70s riff on The Phantom of the Opera, but stay with me for a moment. Not only did the De Palma and Williams musical predate Andrew Lloyd Webber’s Broadway take on the Gaston Leroux novel, but it inspired so many artists we know and love today. After its release Williams went on to become the Muppetational mind behind the music of The Muppet Movie and The Muppet Christmas Carol. Meanwhile, De Palma continued to genre hop from horror to mob movies and started the Mission: Impossible franchise.

The Phantom of the Paradise loosely adapts The Phantom of the Opera by way of Faust with a dash of The Picture of Dorian Gray but re-imagined into masterful musical mayhem. It follows a lowly composer named Winslow Leech who chases a deal with the devil in the form of music producer Swan, played by Williams in a tasty turn for the multi-hypenate. (He later also played the Penguin in Batman: The Animated Series.)

Thanks to his association with Death Records, Leech’s musical talents are ripped away and pressed just like his face into records that don’t give him credit for his songs. This includes the tunes that transform Leech’s crush Phoenix, the ingenue played by Jessica Harper (Suspiria), into a pop star. Vowing revenge he becomes the Phantom of the Paradise and violently haunts every artist Swan tries to give his music to, until they enter a deal that Leech’s music will only go to Phoenix. And from there things get real messy and bloody, but man, the needle drops are legendary.

So legendary that the film, much like its creative minds behind it, also inspired artists across mediums too. Guillermo del Toro is a vocal fan of the film and has been instrumental in making sure it stays in the horror zeitgeist. He even has one of the Phantom’s helmets in his Bleak House collection, which I totally didn’t imagine pulling a heist for at the LACMA when it was on display there.

The film has also become a touchstone for other musicians. One that really struck me personally was finding out that My Chemical Romance was heavily inspired by the film. I didn’t see it until I was an adult, which I deserve a shame circle for as a Phantom of the Opera Universal Monsters and original novel fan—but I knew MCR’s The Black Parade. The no-skips album is essentially a rock opera and it made total sense to find out Gerard Way was heavily influenced by Phantom in its creation. If anything, Way should write the book for Williams’ upcoming staging and star in it too.

Another act that’s come under Phantom‘s spell offers an even more fun realization: Daft Punk. Down to the helmets, aesthetic, and sound of the Phantom, that movie really gave us the greatest electronic duo to ever spin. Williams actually appeared on Random Access Memories track “Touch,” which sounds like it was yanked from a time machine as a Phantom of the Paradise B-side.

The Phantom of the Paradise was ahead of its time and the announcement of its stage musical  gives me hope it will find its audience. If they modernize it, I wouldn’t hate it because I see the vision. The themes are timeless even in our digital age where content creators with talent who try to build a following get ripped off by artificial influencers with clout. That can be very Leech/Phantom versus Swan-coded for sure. Williams is a stone cold legend and his music mastery is a gift that’s still giving—he headlined Coachella this year with Yo Gabba Gabba!

While the report mentioned De Palma has been approached about the staging, he’s not an announced part of it. “We certainly want Brian to feel honored,” Pressman said in the article. “I went to go see Brian last fall, to talk about the dream. Phantom was an early and significant film for him and I’d say the favorite film of my father in his career. I think the chaos and originality of the whole experience was deeply inspiring.”