America’s biggest new TV show is a gaudy family saga described as a “black Dynasty” by its creator, featuring music by uber-producer Timbaland and counting Michelle Obama among its numerous celebrity fans.

In the five weeks since its premiere on Fox, Empire – essentially a mashup between The Lion in Winter and The Godfather and set in the world of hip-hop music – has pulled in 11.5 million viewers and dominated watercooler chat. The internet is awash with memes from the show, while episodes are gleefully discussed on Twitter by viewers whose jaws appear to be in a state of permanent dislocation from the gloriously ripe dialogue.

Its creator, Lee Daniels, the director of films as diverse as Precious and The Paperboy, wouldn’t have it any other way. “[I wanted audiences] to sit there and go ‘No, this bitch didn’t! Oh my fucking God!’” he admitted in the Hollywood Reporter. Yet while Empire relishes its crazier moments, whiplash plot twists and Naomi Campbell appearances, it’s also tackling issues from homophobia to abuse with the sort of uncomfortable honesty rarely seen on network TV.

“The way in which the show balances a sense of authenticity with some of the more audacious moments is key to its success,” says Ilene Chaiken, Empire’s executive producer. “Lee has really embraced the idea of it being a black Dynasty but from the beginning I’ve said to him you’re being too modest – this show is so much more than that. There’s an honesty to the story we’re telling and audiences have responded to that.”

Empire has increased its ratings in each of its five weeks on air, the first show to have done so in 20 years, and a Nielsen report suggested that it was watched in 33% of black households. Now critics are wondering if it heralds a new era for television programming. A report in New York Magazine stated that “among African-American women between 35 and 49, the show is literally the equivalent of a Super Bowl” in that the percentages of those viewers watching “exceeded the ratings of some NFL championship games this century”.

It’s easy to see the appeal of this over-the-top tale of ailing mogul Lucious Lyon (Terrence Howard), his estranged wife Cookie (a magnificent Taraji P Henson) and their three sons, all jostling for control of Empire Records, the label Lucious built from the ground up.

For starters it’s exceedingly quotable, most notably when Henson’s Cookie strides onto the screen. “The streets ain’t made for everybody, that’s why they made sidewalks,” she spat memorably in a recent episode, with other zingers including “Just ‘cos I asked Jesus to forgive you doesn’t mean I do” and “We don’t have time for you to be having some mental artsy block brain fart, whatever you’re having.”

The show pulls as few punches as its ferocious leading lady. A plotline about Lucious’s refusal to accept his talented, gay middle son is both sensitively handled and a repository for some outrageous lines. “For a queen, you sure do keep a messy place,” says Cookie to her favourite child. One recent episode saw bratty youngest son Hakeem unleash a drunken tirade in a restaurant – the object of his opprobrium was Barack Obama, whom he branded “nothing but a sellout”. The scene caused controversy, although as Henson told Time magazine: “[The scene] was to prove a point about how reckless young kids are nowadays …they don’t understand hard work, what it took for that man to get into office.” Certainly the fallout doesn’t seem to have halted Michelle Obama’s love for the show; in a recent radio interview the president admitted he’d yet to see it but his wife was “really into it”.

Facebook Twitter Pinterest Terrence Howard (pictured with Grace Gealey) plays ailing hip-hop mogul Lucious Lyon. Photograph: 20th Century Fox/Rex

She’s not the only one. In addition to Campbell playing Hakeem’s mistress, there have been appearances from Cuba Gooding Jr, Gabourey Sidibe and Gladys Knight; coming episodes are rumoured to feature Rita Ora, Jennifer Hudson, Snoop Dogg, Patti LaBelle and Macy Gray, while Courtney Love will play a hard-living rock star on Lucious’s books. When Daniels took to Instagram last week to suggest he was tapping Denzel Washington for a role, fans almost expired with excitement even as they recognised it was probably a passing joke between dinner companions.

Behind the screen the talent is equally starry. One episode was directed by John Singleton of Boyz n the Hood fame and the writing staff includes Orange prize-nominated crime writer Attica Locke, whose highly anticipated third novel, Pleasantville, is out this spring. “It’s been fabulous how many talented people have wanted to get involved, both in front of and behind the camera,” says Chaiken. “I think that affirms just how much of a game-changer this really is. There’s a real excitement about putting this world on screen and taking risks, allowing the characters to behave badly and make mistakes.”

Yet, for all the excitement now, critics were initially unsure of Empire’s potential. Musical dramas are often a risky proposition, although the involvement of Timbaland meant that this had more pedigree than most, and there was some doubt over whether audiences would tune into a show with a predominantly black cast. The doubts have been replaced by the sense that Empire has tapped into a market that was always present but too long ignored. In 2013 a Nielsen report suggested black viewers watched more TV than any other US demographic, yet on screen they remained in supporting roles and bit parts.

The success of Shonda Rhimes-produced shows such as Scandal and How To Get Away With Murder, which feature diverse casts and black women in lead roles, has gone some way to change that. Now Empire, with its almost entirely black cast, is set to ring the changes still further, possibly leading to what Mara Brock Akil, the creator of popular US show Being Mary Jane, which airs on the Black Entertainment Television network, has termed “black on purpose” casting in contrast to “colour blind”.

Daniels admits he’s been overwhelmed. “No one could have told me that a television show airing one night could reach more people than all my movies combined,” he told Vanity Fair last week. “I’ve always been that ‘film guy’ who looked down on television. Not any more. I also never thought I’d see the day when black people would be all over the television. It’s wonderful, isn’t it?”