The film's title refers to the people who sat in the upper balcony of the theatre. This is where the lower classes sat, as the seats were significantly cheaper that the ones below (as noted in the film itself). It is the French equivalent of the term used in English theatres, "the gods."
Édouard, Count de Montray:
You're much too lovely to be truly loved.
Garance:
Truth, but only from the neck up, it frustrated them.
During the shots from the audience POV in the theater where the orchestra conductor is visible, he is clearly wearing contemporary glasses (1940s) even though the film is set in the 19th century.
There are various alternate cuts of this film; the complete version runs 195 minutes and has been restored on video.
French
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