I disagree that the film is too "theatrical" to work on film. I imagine they could make it work very well. But the fact is, along with many of those huge musicals that took forever to get their films made, it really is all about money. Phantom and Les Miz both had to wait so long and I agree with sarahb22 that they suffered. Of course movie musicals were not a thing that was done in the 80's and 90's so it's not shocking to me. Dreamgirls, Nine and Chicago each took over 25 years to be made as well. Wicked won't be made for another 10 years probably. It's just how it goes. For some reason theatrical producers have this strange notion that a movie will eat into the profits of the stage version but I don't think this is legitimate. Did it affect Chicago, Hairspray or Mamma Mia! all of which were several years into their runs on Broadway, when their films were made? I doubt it.
"Contentment, it seems, simply happens. It appears accompanied by no bravos and no tears."