Musical drama's Oscar for each American (5)
I believe the answer is:
opera
'musical drama's' is the definition.
(an opera is a drama performed in music)
'oscar for each american' is the wordplay.
'oscar' becomes 'O' (phonetic alphabet: alpha, bravo, charlie etc.).
'for each' becomes 'per' (per person).
'american' becomes 'a' (common abbreviation - e.g. in organisation names).
'o'+'per'+'a'='OPERA'
(Other definitions for opera that I've seen before include "works in Latin" , "One at the Met" , "some theatrics" , "Throw a rope for the musical" , "Fidelio for instance" .)