Can a Poem and Movie come together?

Some films are described as lyrical, but what happens when actual lyrics and verses that make up a poem are the stuff of inspiration of a film?

With the announcement that the film Paradise Lost (based on the poem of the same name by John Milton) was set to be released in 2013, and star Bradley Cooper however it was announce day ago by production company Legendary Pictures that the film was to be scrapped from its production schedule.

While a large reason for why the film was scrapped was due to its excessive budget at over 100 million dollars.

I also wonder whether or not the concern of adapting a poem was also a contributing factor?

Unlike a book, a film adapted from a poem is severely limited in some respects, though this argument could be rebutted by saying that this enables the chance for producers to have more creative flexibility.

Personally, I love myself an epic poem, and Paradise Lost is just that so it is a shame not only to see a poem come to the silver screen but also for something different to happen in the filmic arts, (The Artist tried it, and has received acclaim, would adapting a poem have done the same?)