The idea was explored to make HOOK a musical, either as a film but also as a stage venture, in the late 80s. We know the outcome.
The rights to adapt the film into a theatrical venture were acquired in the late 90s/early 00s, but that Producer failed to realize the stage adaptation. Or should I say, has yet to. I'm unsure when their rights agreement expires. I would think it has by now.
And while the world SHOULD be sick by all these adaptations of Peter Pan, The Wizard of Oz, and Alice in Wonderland, obviously there is so much financial prospects that producers/studios/authors keep them coming.
"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