Paul McCartney performs live at The O2 Arena on Dec. 16, 2018 in London.

Producers are aiming for a late 2020 launch of the show.

Paul McCartney is writing his first stage musical, an adaptation of the classic movie It's a Wonderful Life.

The ex-Beatle is collaborating with Billy Elliot playwright Lee Hall, who also wrote the screenplay for Rocketman, as well as West End producer Bill Kenwright.

McCartney said he'd never considered writing a musical, but after meeting Kenwright and Hall three years ago, "found myself thinking this could be interesting and fun."

Hall said McCartney's "wit, emotional honesty and melodic brilliance brings a whole new depth and breadth to the classic tale."

Frank Capra's 1946 film tells the story of George Bailey, a small-town banker wracked with regret who is shown the value of his life by a guardian angel.

Producers said Thursday they are aiming for a late 2020 launch for the show. Its dates and venue have not been released.