The Bottom brothers are playwrights competing with William Shakespeare in the 1590s. Shakespeare is brilliant, of course, so these brothers need to figure out the next innovation for their business to be successful. They are told to create a musical.
This song is a great introduction to a discussion of entrepreneurship or product differentiation. Entrepreneurs and firms are rewarded for creating new and innovative products. New and improved products have dramatically increased the material standard of living in recent years. (As an example: in 1990 you wouldn’t be on the Internet learning economics from Broadway musical clips!)