At a certain point in the movie, Toto the Prawn says that the viewer should start listening to Pink Floyd's Dark Side of the Moon album, joking about a popular coincidence relating to The Wizard of Oz (1939): certain songs from the album are said to match perfectly with images from the movie.
The movie pays several homages The Wiz (1978): Dorothy is African-American, Oz is depicted as a modern city, the Flying Monkeys are a biker gang and the Scarecrow, the Tin Man and the Cowardly Lion are tortured in a similar fashion.
The final Muppets production produced by The Jim Henson Company.
There are several details that appears in this version that didn't appear in The Wizard of Oz (1939): a magic cap controls the flying monkeys, and the shoes are silver. In L. Frank Baum's original book, Dorothy's shoes are, in fact, silver. Red shoes were created specifically for the 1939 film.