For this observation I'll take from Simon and Garfunkel, circa 1966, and "Dangling Conversation.” Was Paul Simon looking at his fish tank and imagining underwater friends when he composed this song?
The first set of lines in the song mention the ocean's roar. Then he cites "still life water color," "sun shines through a curtained lace (think of refracted light through the waves)," and shadows that wash the room.
“Maybe" the mermaid and the seahorse are discussing Emily Dickinson and Robert Frost (as in the song). "Maybe" they're discussing whether the theater is dead or not (as in the song). Maybe they're discussing some Disney Broadway play they're "right for" – NOT in the song. Did that mermaid cartoon go that route yet?