By New Year's Eve 1995, Phish had solidified their reputation as a premier live improvisational band, having released their studio album "Billy Breathes" earlier that year. This album showcased a more refined sound and included tracks that became staples in their live repertoire. The live recording of "Drowned" at Madison Square Garden captures Phish at a high point in their career, where their unique blend of rock, jazz, and progressive elements was resonating deeply with fans. Notably, this performance is part of a celebrated New Year's Eve tradition for the band, known for their elaborate stage setups and innovative setlists. The show's energy and the band's chemistry highlight their ability to engage the audience, making it a memorable experience in Phish's live performance history. Additionally, the "Drowned" segment often serves as a vehicle for extended improvisation, showcasing their hallmark jam band style.