He says what some of the shows are "about." FOLLIES is about how some people can't face growing older. EVITA and CABARET are about, "It could also happen here."
Then he talks about how the audience has changed. He says it's not how it used to be when he was growing up and audiences wanted to be challenged by thought-provoking plays (not necessarily musicals) and that now the audience is just happy being entertained. This is the PHANTOM OF THE OPERA section of the docu.
So is he acknowledging that PHANTOM is just entertainment?
What is Phantom ABOUT thematically, if there is a deeper theme?