This is framed as René Clair's follow up to his 1930 musical, Under the Roofs of Paris. It opens with the camera tracking over the chimney tops and then entering the skylight of a large attic room. The story is heard from the people within and there is an impression that it is another random episode from the diverse pageant of the great French capital.
Rather than the underclass melodrama of the earlier film, this is a musical comedy, mainly set among the petit bourgeoisie. A struggling artist (René Lefèvre) has won the lottery but his resentful girlfriend (Annabella) has given away his coat with the ticket in a pocket. So it's a caper as the couple and other interested parties chase the jacket around the streets of Paris.
Which takes in many eccentric characters, like an elderly gang boss and a flamboyant opera singer. This is a critics favourite, partly because it's an entertaining comedy, but also for the imaginative uses of early sound technology, which were widely copied. And there is an engaging fluidity, as Clair blends speech, songs and silence. And sets and models too.
It a fantasy where sometimes the dialogue rhymes and characters fluctuate between singing and talking. It's an optimistic celebration of the capricious consequences of fate and the lives which are swayed by them. Most critics prefer this to Under the Roofs of Paris because of the playful use of sound. Personally, I lean towards the pessimism of the previous film!