Benny Andersson and Bjorn Ulvaeus, the male half of supergroup ABBA, have composed "We Write the Story," the main theme for this year's Eurovision Song Contest, The Hollywood Reporter said.

Taking place in Andersson and Ulvaeus' native Sweden in Malmo, the anthem will play out for the grand opening of the finals, arranged by Avicii.

ABBA won for Sweden in 1974 with their global smash hit "Waterloo" with Andersson, Ulvaeus, Agnetha Faltskog and Anni-Frid Lyngstad belting out the song.

Abba is regarded as Sweden's biggest music export to date with global hits between 1972 and 1982. The group sold over 370 million albums and singles worldwide and still sell millions of records a year.

"We Write the Story" will be performed for the first time in the final on May 18 at what is the world's most popular non-sporting televised event.

This year's UK representative is rock legend Bonnie Tyler at the contest.

She will perform the song "Believe in Me" at the event in Malmo, Sweden, in May, which marks the 30th anniversary of her hit "Total Eclipse of the Heart."