At first glance, the movie incarnation of the stage musical Mamma Mia!, which opens on July 18, seems as risk-free a project as a studio could make. Written, produced, and directed by the team behind the $2 billion global Mamma Mia! brand, the release follows nine years of advance advertising. It also has an easily digested story line, big stars, and a soundtrack you can’t get out of your head.

But the screen translation arrives in megaplexes with some not-inconsiderable baggage. Judy Craymer, the film’s producer and originator of the stage version, worries that a misfire could damage the thriving Mamma Mia! industry, which currently boasts nine productions around the world. The concern for Universal, one of the project’s backers, is historical. Contemporary audiences have been finicky about onscreen musicals. There have been hits, like Chicago, the 2002 movie credited with reviving the genre; it cost $45 million but took in more than $300 million worldwide. Last year’s Hairspray was a home run too. But looming just as large are film disappointments like Rent and Phantom of the Opera, as well as outright flops like The Producers, which cost $45 million to make but grossed only $37.9 million. (See how recent film versions of Broadway hits have fared.)

When considering a musical, "we have to ask, 'Does the idea overcome the audience’s trepidation?' " says Donna Langley, president of production at Universal. Yet Mamma Mia!'s proven stage appeal persuaded her to go ahead. “It’s a phenomenon,” she says. "We jumped at the chance."

On the most basic level, Mamma Mia! is the story of the search for identity, set to the tunes of Abba, the Swedish pop band. A bride-to-be invites three men to the Greek island where she lives with her single mother, hoping to find out which one is her father. The challenge for Universal and Craymer—along with Playtone, Tom Hanks’ production company—was to avoid the static feel that plagued stage-to-film translations like Rent. Instead of using a minimal set and no-name actors, as the Broadway moneymaker did, the studio budgeted $56 million and shot some scenes on location in Greece. The cast includes Meryl Streep as the mom, Christine Baranski as her best friend, and Pierce Brosnan as one of the potential dads. And yes, the actors all perform musical numbers. "I actually got to dance on a beach with 20 gorgeous men half my age," Baranski says.

Even if the film bombs, the stage show could stand to benefit. With Mamma Mia!'s 10th anniversary approaching, the timing is good, says Hollywood producer Craig Zadan, plus filmed versions of plays can boost attendance of the stage production. Before the release of the movies Hairspray and Chicago, both of which Zadan co-produced, ticket sales for those two Broadway shows had been slow. Once the movies were released, sales rebounded. "The movie is a big commercial for the show," Zadan says.