In London, in 1601, a diviner named Shay makes contact with the star of Blackfriars Theatre, the Peerless. She leaves her mysterious community and begins spending more time with the Peerless and his friends. Together they create the Ghost Theatre, which puts on astonishing performances in various places around the city. Their success attracts the attention of the Queen, but it also stirs the displeasure of the poor. Shay and the Peerless find themselves drawn into a game of power and intrigue.