This article analyses the complicated and conflicted critical response to Andrew Lloyd Webber’sThe Phantom of the Operawithin the political, economic and cultural context of the Thatcher/Reagan era. British critics writing for Conservative-leaning broadsheets and tabloids took nationalist pride in Lloyd Webber’s commercial success, while others on both sides of the Atlantic claimed thatPhantomwas tasteless and crassly commercial, a musical manifestation of a new Gilded Age. Broader issues regarding the relationship between the government and ‘elite’ culture also affected the critical response. For some,Phantomforged a path for a new kind of populist opera that could survive and thrive without government subsidy, while less sympathetic critics heardPhantom’s ‘puerile’ operatics as sophomoric jibes against an art form they esteemed.