Complex sentence: In the late 1970s, Studio 54 was one of the best-known nightclubs in the world, and it played a formative role in the growth of disco music and nightclub culture in general.
Split into simpler sentences: In the late 1970s, the club was one of the best-known nightclubs in the world. The club played a formative role in the growth of disco music and nightclub culture in general.