In this film based on the Broadway musical, Victor Florescu (Ramon Novarro) is a composer desperately trying to get his operetta to opening night. First his leading lady (Vivienne Segal) leaves, taking the bulk of their budget with her. Then the male lead splits, leaving Victor to fill his role. Next he calls upon an old love, songstress Shirley Sheridan (Jeanette MacDonald) to be his ingénue, but she insists she's leaving the theater to marry her affluent but unfaithful fiancé (Frank Morgan).