The film will probably make a billion dollars worldwide from theatrical ticket, DVD, and CD soundtrack sales.
Musical theatre may have come from tying together music into thin plots, but we have come a long way from that. Why go backwards?
The show is not good, but fun. And fun LIVE. I can't see it being as fun on a screen. If they can make it fun - good for them. If people enjoy it, great.
And I don't think Playtone was LOOKING for a musical to adapt. Yes, I, too, would rather see SWEENEY TODD as a film musical. But Playtone found a film with ABBA music that has already made $1.6 billion. It's not about adapting a musical to the big screen. It's about them delivering a movie that appeals to everyone and will make them money. They don't care about art. We do.
Chillax, people. There's still the HAIRSPRAY musical (which I think will only be one or two stepping stones up from the MAMMA MIA movie...we'll see...), and HELLOOOOOOOOOOOOOOO - DREAMGIRLS!! Not to mention, yes, CONTACT and SWEENEY TODD and the several Disney animated and non-animated musicals and ACROSS THE UNIVERSE and several other films.
http://www.moviemusicals.net/status.html
"The Spectacle has, indeed, an emotional attraction of its own, but, of all the parts, it is the least artistic, and connected least with the art of poetry. For the power of Tragedy, we may be sure, is felt even apart from representation and actors. Besides, the production of spectacular effects depends more on the art of the stage machinist than on that of the poet."
--Aristotle