•Why it earns a slot
The Tempest is widely regarded as Shakespeare's farewell to the stage, and Prospero's epilogue, in which he asks the audience to release him with their applause, makes the play a uniquely self-aware meditation on the power and limits of art, authority, and forgiveness.
Prospero, the rightful Duke of Milan, has lived in exile on a remote island for twelve years after his brother Antonio conspired with the King of Naples to seize his title. Using powerful magic, he conjures a storm to shipwreck his enemies on the island, then orchestrates a series of encounters that expose guilt, kindle love between his daughter Miranda and the king's son Ferdinand, and ultimately reclaim his dukedom. The play ends with Prospero forgiving his enemies, freeing his spirit-servant Ariel, and preparing to return to Milan, where he vows to give up his magic entirely.
This distillation is written from the freely available original, which is always the better read when you have the time: gutenberg.org.