I've only seen the trailers, but generally the trailers show the film's best part. When I compare what I've seen in the trailers of this massively produced and heavily promoted film, my mind does a comparison to some of the great Hollywood musicals of the past, and wonder where Hollywood has gone so wrong.
I think it's the whole shoot it in front of a green screen, figure it out on the computer later method of film making. You're not gonna dream up any epic song and dance numbers with that approach. They also used to really crank musicals out, so it was a competition to outdo each other and what's come before. So you don't have that spirit of competition pushing the boundaries of creativity no more.
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I think you hit on something there - musicals were far more common in the old days when they cranked them out. Maybe the skill was simply lost.