Titanic Sinks Thanks to "Mamma Mia!"

Who would have thought the biggest grossing film of all time would be grounded by a film based on the songs of a Swedish pop band?

Well, that's exactly what happened. Mamma Mia!, the movie musical with the ABBA soundtrack, has just broken the U.K. box office record for highest grossing film, E! reports.

Mamma Mia! is expected to rake in $571.7 million worldwide, with $107.7 million of that money in the U.K. alone. The film has only been in theaters there for 22 weeks. Titanic held the record for 10 years, making $107.5 million in the U.K.

David Kosse, president of Universal Pictures International, said, "'Mamma Mia!' is pure escapism, proving a fun and inexpensive way to forget about the state of the economy for a couple of hours."

The DVD sales of the film also did extremely well when the film was released on Tuesday; 1.7 million copies were sold in its first day.

As for the $1.8 billion in global ticket sales record Titanic has, that will stay put. No matter how many Mamma Mia! fans there are out there.