Name This Movie Contest…Movie 4

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They introduced this song in the live Broadway production that opened January 9, 1929. When they sang it again in this 1930 Paramount film version, they joined the pioneers of a new genre–the 2-strip Technicolor musical of the 1930s.

One went on to star in a greatest movie of Hollywood’s greatest year, 1939. Who are these performers? What is this movie?