The 2008 ABBA song-based film "Mamma Mia!" has become the biggest hit ever at the U.K. box office, beating the former all-time high "Titanic" at the list.

The film, starring veteran actress Meryl Streep, has taken 69.05 million pounds [around 6.75 million] at the box office since its premiere on July 18, beating the 1997 mega hit tragedy film "Titanic" with just a short margin - 69.03 million pounds or 6.66 million.

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

"For Mamma Mia! to make history in this way and beat Titanic, which has held the record in the U.K. since 1998, is truly phenomenal. This film has exceeded our expectations and delighted audiences around the world since it opened in July."

The introduction of Sing Along screening even further increased the film's popularity in its release. The latest record also shows that "Mamma Mia!" is the fastest-selling DVD ever, selling 1.7 million copies on the first day. "Titanic" sold 1.2 million in 1998.

"Mamma Mia!" - which garnered a worldwide total of 1 million - also stars Pierce Brosnan, Colin Firth, Stellan Skarsgard, and Julie Walters among others.