The background and several of the characters are recycled animation from Mother Goose Melodies (1931)
The caricatured actors are all of the nominees for Best Actor in a Leading Role and Best Actress in a Leading Role from the 1932 Academy Awards ceremony. In order: Wallace Beery (and Jackie Cooper) from The Champ (1931), Lynn Fontanne and Alfred Lunt from The Guardsman (1931), Helen Hayes from The Sin of Madelon Claudet (1931), Fredric March from Dr. Jekyll and Mr. Hyde (1931), and Marie Dressler from Emma (1932).
Although The Band Concert (1935) is considered the first Mickey Mouse short in color, this movie was really Mickey's first appearance in color.
This short animation segment was also the first color appearance for Minnie Mouse, Clarabelle Cow, and Pluto (who was grey!).
Mickey wears green shorts instead of the usual red.