My guess would be the triumphant tales of Mercury and his panache. His mythical status will grow but never die.
That's always been the way I've interpreted it. Amazing that Brian wrote it, amazing that Freddie sang the f*** out of it
He was after all the Fairy Fella writer.
I always felt that line should be 'Fairy tales of yesterday will grow AND never die'...the wording seems odd. Sort of like in Seaside Rendezvous where he sings 'You say you'd have to tell your daddy if you can' when you think it should be 'You say you'd have to ASK your daddy if you can.
^even hallucinatory experiences have some depth. Unless you're talking GOO GOO GOO JOOB! then most lyrics have SOME meaning, unless chosen at random (which I've done and I'm sure others have done, only fitting in words to even it out as a narrative)
That said. A lyric could just be a narrative like "Jane's Addictions'" *been caught stealing*
Nothing profound about it. It's a story..
However TSMGO is about striving to fight, improve, survive, ANYTHING in spite of the potential nothingness it all is. At least that's what i take from it. It was written by Brian in a period of incredible anxiety I'm sure and he took the old show biz axiom and extended it to something else and a tribute to Freddie and kinda himself. As he's persevered through all it and is still alive.
Being that he's a cerebral guy it's a very tremendous song. The author writes essentially about not giving up. Not giving in.