Interesting bit of trivia from IMDB:
: The project was ready to begin filming in 1990 and was set to star Michael Crawford and Sarah Brightman (the original stars of the stage version). Just before filming began, Andrew Lloyd Webber divorced Brightman and the project was put on hold.
John Travolta and Antonio Banderas were both considered for the role of the Phantom. Banderas actually spent several years in vocal preparation.
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Somehow - I don't think this movie is going to be even close to the live show, well, maybe as good as the road show that went to Duluth...