Bono’s new Spider-Man musical is set to be the most expensive production in Broadway history.

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The U2 frontman – along with bandmate The Edge – will write the score for the upcoming New York show based on the comic book superhero, and total costs are expected to reach $40million.

The production – which will have a weekly running cost of up to $1million – will be helmed by The Lion King director Julie Taymor.

A source said: “She doesn’t care what it costs. Does not care at all. Her attitude is, it’s for the art, and you don’t question artists.”

Sources say the budget may have to drop to $35 million, but the show would still have to run successfully for 8,000 years to break even. Most of the finance is designated for designers, ranging from costume to fight designers.

The musical is set to open next year and is hoped to be staged at the Hilton Theatre.

U2 are due to release a new album in January 2009, followed by a world tour which starts in March.