I actually came here to find the meaning to this song, not to give it. But since there is not meaning here I'll give it a go. I remember listening to this song at school shortly after it came out and we talked in very knowing terms about its meaning - concluding that it related to the early history of the band - and a car crash which nearly destroyed the group. I've never found any reference anywhere to a car crash subsequently so I'm guessing we must have made it up. I still play this song on the piano (at age 50, but still young compared to Roger Hodgson who is 10 years older) and ponder the meaning. On the face of it, it is about a stage show which is failing - but the emotion in the music indicates a deeper meaning. Maybe not a car crash - but perhaps a tribute to the two founding members who left before the band hit the big time.