For more than 50 years, Pauline Neuber has directed the "Olympia" theatre, but lately, business has been bad. It appears that no one will be able to make it better either: the audience doesn't seem to like the plays; the press even less so; and the shareholders of the theatre want to sell their shares. In short, the "Olympia" has one foot in the grave. Erich, grandchild of Pauline and always underestimated by her, gets to know Hella Bergson, the daughter of the theatre critic Peter Bergson, and falls in love with her - but doesn't have an idea whose daughter she is. He plays her some melodies from the first operetta he's ever composed and Hella convinces him to have the operetta performed in the "Olympia". During rehearsal of the operetta, however, a fight breaks out between Erich and Hella over a stupid misunderstanding.