“A Million Dreams” is an ode to the power of positive thinking, faith and believing in your dreams. The singer is fantasizing about a reality that is different from the one she actually lives in. When others become aware of this, they react by questioning her sanity. However, this fantasy is fueled by a desire to make people “smile” and makes the conjurer happy in imaging it. Indeed it has become an inescapable part of her nightly experience. Ultimately she invites others to partake of this dream with her.

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This song is part of the Greatest Showman: Reimagined soundtrack, a movie based on the life of P. T. Barnum of Barnum & Bailey Circus fame. And it reflects in the lyrics, as some of the things the singer states make up part of this fantasy are characteristic of what one would find in a circus.