A Star Is Born has been made and remade so often, it must hit a chord with the American psyche. Either that, or it’s such a perfect star vehicle that Hollywood just can’t let it gather dust for long.

Whether it’s set in the movie industry (like the 1937 and 1954 versions) or the music industry (like the 1976 and current 2018 iterations), the tale centers on a couple who fall in love while her career is rising and his is drowning in a pool of alcohol. The result is a potent mix of drama, romance, histrionics and (in most versions) music, giving both of its stars a chance to shine.

Certainly Bradley Cooper and Lady Gaga shine brightly in the current remake, which Cooper also co-wrote, produced and directed. The beginning is a particular joy.

The first scene throws us into the middle of a country-rock concert in which singer-songwriter Jackson Maine (Cooper) holds forth to the adoration of his fans. Afterward, in desperate need of a drink, he instructs his driver to drop him off at what turns out to be a drag bar. It’s there he first hears and marvels at the vocal talents of Ally (Gaga), the only woman in the night’s lineup.

Having recently broken up with an insensitive boyfriend, Ally is at first reluctant when Jackson introduces himself and insists on getting to know both her and her music. But, encouraged by a co-worker (Anthony Ramos) and her supportive father (Andrew Dice Clay)—who thinks the attentions of a rock star would help get her own singing career off the ground—she eventually gives in. She accepts Jackson’s invitation to an out-of-town gig, where he unexpectedly prods her into joining him in a rendition of one of her own songs. The resulting duet is one of the most powerful musical moments in recent cinematic history.

So far, so good. Cooper is likably humble as Jackson, while Gaga offers an appealing portrayal of the self-doubting Ally and puts her powerful singing voice on full display without ever succumbing to melodramatic overkill. As a director, Cooper also proves to be competent, allowing not only him and Gaga but co-stars like Sam Elliott and Dave Chappelle a chance to make their mark.

It’s only after the story begins down its preordained path toward tragedy that it loses some of its potency. Possible reasons:

1) A major part of the story is Jackson’s decline from popularity, but the singer seems to put on a good show no matter how drugged or boozed up he is. Why, exactly, are his fans turning against him?

2) Jackson urges Ally to remain true to herself rather than letting fame change her. Yet when she allows her agent, Rez (Rafi Gavron), to turn her into a glitzy singer of shallow anthems, he says nothing. It thus becomes unclear whether their growing relationship problems are due to Jackson’s jealousy over her success or his disappointment over how she achieved it. (The situation also raises the question of whether the movie downplays the issue of Ally’s selling out to avoid biting the hand of the industry that feeds Lady Gaga in real life.)

The upshot of these weaknesses is that the tale’s tragic ending seems less organic and inevitable than it should. It’s certainly less organic and inevitable than it was in 1954’s blockbuster remake, which also benefitted from Judy Garland’s best-ever performance as a rising movie star and James Mason’s depiction of the fading matinee idol who becomes her mentor.

As a tale of blossoming romance, the latest version of A Star Is Born strikes gold. As a musical, it strikes platinum. It’s only when the flick reaches for tragedy that it fails to find the motherlode.

Rating: 3½ stars (out of 5)

A Star Is Born (rated R) opens Oct. 5 in theaters nationwide.