According to Wikipedia:
"Edward Ward wrote the score. The film has many elements of a musical, with lengthy opera sequences, and has been criticized for being more musical than horrific. For the opera sequences, Ward adapted music from Tchaikovsky's Symphony No. 4 as well as using themes by Chopin. He also composed an original theme, Lullaby of the Bells, which was heard in the film as the Phantom's piano concerto."

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