Steinman states on his blog that the musical, titled Bat Out of Hell, will be based on the songs from the three-album cycle. Described as a Cirque du Soleil-type spectacle, Steinman has penned music and lyrics. Playwright Stephen Clarke (Stripped) has signed on to collaborate with Steinman on the musical's book. Elva Corrie and Frances Perry will produce the musical venture, which Steinman states is aiming for a late 2008 or early 2009 West End bow. Steinman describes the production as incorporating 3D visuals, the discipline of parkour, motorcycles, massive dance numbers and gymnastics. Funding and artistic involvement from Sony/BMG, Warner Brothers and Industrial Light and Magic (in their first stage venture) could also be in the works, according to Steinman.

Jim Steinman began his career in musical theatre with the musical The Dream Engine, penned while he was attending college at Amherst. Other short-lived musicals include Das Rheingold, More Than You Deserve and Neverland. Three songs from Neverland – "Bat out of Hell", "Heaven Can Wait" and "The Formation of the Pack," retitled "All Revved Up With No Place to Go" – ultimately became the beginnings of the album "Bat Out of Hell." Steinman, well known for his collaboration with Meatloaf, penned the hits "Total Eclipse of the Heart," "Making Love out of Nothing at All," "I'd Do Anything for Love (but I Won't Do That)" and "It's All Coming Back to Me Now."