In the midst of the Great Depression, the year 1933 brings us to Winnipeg, Manitoba, Canada, where the vibrant backdrop is set for the bold endeavor of Lady Helen Port-Huntley. With the end of Prohibition on the horizon in the United States, this beer baroness stages a remarkable competition: an opportunity to unearth the saddest music in the world. Musicians from every corner are lured by the enticing grand prize of $25,000 in "Depression-era dollars," causing a musical frenzy. Among the contenders is Chester Kent, a struggling Broadway producer, who, despite being a local, sees himself as the rightful representative of America.
As Chester prepares for the competition, he is unsettled by ominous prophecies from an old fortune teller. This encounter only incites laughter from him, as he orders his girlfriend Narcissa—a nymphomaniac with amnesia—to satisfy his whims. Meanwhile, Chester's father Fyodor grapples with a long-held secret: a romantic history with Lady Helen that once flourished but ended in heartbreak. Tragedy strikes as a result of this tangled love, culminating in Helen's amputations after a disastrous liaison with both Chester and Fyodor, leading to a struggle with alcohol for Fyodor.
As tensions rise, another contestant, Roderick, reveals a shocking confession: Narcissa, who has lost her memory, is in fact his missing wife. The weight of this discovery casts a shadow over the unfolding events as Chester and Helen reignite their connection, prompting Fyodor to attempts to win back her affection with beer-filled prosthetic legs, a misguided gesture that ironically leads to his untimely death.
As the contest progresses, Roderick delivers a heart-rending performance that propels him forward in the competition, while Fyodor's tragic fall from a rooftop—a consequence of his ill-fated prosthetic—darkens the narrative. Amidst this turmoil, Narcissa finds herself torn, unable to recall her former life with Roderick. Despite Helen's newfound love for her glass prosthetics, she cannot forgive Fyodor for his past mistakes, while Chester seems poised for victory in the contest.
As the final act unfolds, an eerie spectacle occurs when Helen makes a ghostly appearance, her legs malfunctioning in a disturbing tableau of destruction. This unsettling incident coincides with Roderick's loss of resolve, as he breaks his promise to refrain from performing "The Song Is You," a song he had reserved for his cherished wife. As the music plays, it sparks a resurgence of memories for Narcissa, her past flooding back like a dam bursting. In a shocking turn, Chester meets his fate at the hands of Helen, a shard from her shattered prosthetics sealing his doom.
With chaos ensues, Chester's indomitable spirit refuses to fade. He stumbles away, inadvertently igniting a blaze within the very building that once celebrated his successes. In the midst of the inferno, his lifeless form collapses over the piano, fingers still clutching the melody of "The Song Is You," as fire consumes all that he held dear.
