In December 1995, Phish was riding a wave of success following the release of their studio album "Billy Breathes" just months earlier, in October of the same year. This album marked a significant moment in their evolution, showcasing a more mature sound while retaining their signature improvisational style. The live recording of "Colonel Forbin's Ascent" from their New Year's Eve performance at Madison Square Garden exemplifies the band's ability to blend theatricality with musical innovation—a hallmark of their live shows. During this time, Phish was gaining national recognition, largely due to their unique concerts that combined rock, jazz, and bluegrass influences. The Madison Square Garden venue itself highlights their ascent within the concert circuit, as they were beginning to attract larger audiences and establish themselves as a premier live act in the 1990s music scene. The performance reflects their deep connection with fans, a crucial element of their identity as a band.