Judy Craymer, who produced both the film and theatre versions of the ABBA musical, today announced a globe-straddling mega-deal with the Spice Girls, their creator Simon Fuller and Universal Music.
It will not be a show about the band who popularised the term "girl power" and sold 75 million records around the world before splitting up and pursuing far less successful solo careers.
Instead, following the Mamma Mia! model, the show will concoct a new story that somehow links together the best of the Spice Girls songbook.
For many readers this may consist of Wannabe (their ubiquitous debut hit) and "the other ones". But for a sizeable minority of young people who were children when the songs came out but will have significant disposable income by the time the show arrives on stage the list of meaningful Spice Girls songs is much longer and includes the likes of Say You'll Be There, 2 Become 1, Mama, Spice Up Your Life and Viva Forever.
With a working title of Viva Forever, the show is expected to have its world premiere in the West End in two or three years' time. No casting decisions have yet been announced.
Ms Craymer said: "I want to create a unique celebration of the band and its music, with its own flavour and joyful message. It is important to me that the excitement, style and humour of the Spice Girls is well represented on stage."
Simon Fuller, whom Billboard Magazine has certified as the most successful British music manager of all time, said: "The girls and I are very excited to be working with Judy Craymer. What Judy has achieved with her all-conquering box office smash hit Mamma Mia! and what the Spice Girls created with their powerful record-breaking mix of 'girl power' and hit songs, has influenced pop culture more than anyone can imagine. Now with this incredible new project Viva Forever we all come together as partners with a combined focus to create something really special for this next decade."
It is too early to judge the project’s artistic merit but its commercial potential is obviously formidable.
The Spice Girls topped the charts all over the world and tickets for their London reunion concert at the O2 in 2007 sold out in 38 seconds. They have received countless awards and accolades, including four Brits, three American Music Awards, three MTV Europe Music Awards, three World Music Awards, and one MTV Video Music Award.
Mamma Mia! has played to a total audience of more than 42 million and has taken over $2 billion (£1.2 billion) in the decade it has been running.
There are currently more productions of Mamma Mia! playing around the world than any other musical; a total of eight productions (three residents, London, Broadway and Mexico; and five tours, International, Dutch, Spanish, US and Australian). Mamma Mia! the Movie is the highest-grossing movie released in the UK and the highest-grossing musical film worldwide.
Where are they now?
Ginger Spice After solo success Geri Halliwell was, bizarrely, made a UN emissary, specialising in HIV/Aids. Last year she was in Kathmandu for discussions with the Nepalese Prime Minister
Sporty Spice Seen as the odd one out because of her ability to sing, Melanie Chisholm has co-written more No 1 singles than any other Briton after Lennon and McCartney. She is now appearing in Blood Brothers in the West End
Posh Spice Victoria Beckham’s solo career was a disappointment, critically and financially, but she retained a high media profile because of her marriage to David Beckham. She managed to reinvent herself as a fashion designer
Scary Spice Melanie Brown’s solo career started on a high note but she could not hold it. She had a child with Eddie Murphy, though he initially denied paternity
Baby Spice Like her bandmates, Emma Bunton went solo, reached No 1 and then was dropped by her record label. She is now a judge on Dancing on Ice
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