They should do one based on Rio, by Duran Duran.
Unless, of course, it was already done once, in 1960, for twenty minutes.
A lot of Kinks stuff could work, actually.
The album “Arthur” was supposed to be the soundtrack for a BBC TV movie that never got made. If the old teleplay could be made to work on stage, “Arthur” could still be a very good musical.
And “The Kinks Are the Village Green Preservation Society” could go to Broadway as is.
An important thing to remember is, a lot of very good pop/rock composers wrote songs that just don’t work in a theater piece.
I love Paul Simon’s work, for example, but his lyrics are always far too contemplative and reflective and stream of consciousness to work in a Broadway musical, where a song is supposed to either tell a story, move the plot along, or tell us something important about the character(s) singing it.
I don’t much care for Springsteen, but a lot of his songs are story-oriented and character-oriented. It wouldn’t be hard to piece together a bunch of his songs that would make sense in a story about a struggling blue-collar family.
My Chemical Romance’s album The Black Parade is perfectly suited for Broadway. From the linked article, it’s “a rock opera centering on a man with cancer known as ‘The Patient’. The album tells the story of his apparent death, experiences in the afterlife, and subsequent reflection on his life.” Like a rock version of “All That Jazz.”
There was talk a couple years ago about turning the Flaming Lips album Yoshimi Battles the Pink Robots into a musical. I think it’s be fantastic, but it seems to have fallen off the radar. Here’s an article about it from 2007 that explains a bit of the projected plot.