Blake Lively’s It Ends with Us Trailer Is Set to Emotional Taylor Swift Song: See the First Footage

Blake Lively stars in the emotional first trailer for It Ends with Us.

Set to Taylor Swift's "My Tears Ricochet," off her 2020 album Folklore, the first footage from the film dropped Thursday, May 16 — less than three months ahead of the movie's August release.

In the adaptation of author Colleen Hoover's 2016 bestseller, Lively plays Lily Bloom, a woman opening her own business in Boston. Starring alongside her is Justin Baldoni, who also directed the film, as a charming neurosurgeon named Ryle Kincaid.

After a chance meeting with Ryle, Lily gets swept into an intense relationship. Then, a synopsis teases, "as the two fall deeply in love, Lily begins to see sides of Ryle that remind her of her parents’ relationship" and the traumatic childhood she overcame.

Lily's first love, Atlas Corrigan (Brandon Sklenar) "suddenly reenters her life" and "her relationship with Ryle is upended." Soon, "Lily realizes she must learn to rely on her own strength to make an impossible choice for her future."

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Lively, 36, previously told PEOPLE she hopes her love for the character and the source material shines through.

"Lily resonated with an enormous amount of people, as the success of the book made clear," she said. "Stepping into a character who’s had such a meaningful impact is an honor to take on. I loved Lily, and I hope that love is felt by those who care about her like I do, and also those who are getting to know her for the first time in this film."

Director and costar Baldoni, 40, who has been working on the project for nearly five years, told PEOPLE the film "really comes from the heart and from the depth of my soul."

The cast of It Ends with Us, written for the screen by Christy Hall, also includes Jenny Slate as Ryle's sister Allysa, Hasan Minhaj as Allysa's husband Marshall, and Amy Morton as Lily's mother Jenny. Isabela Ferrer and Alex Neustaedter play young Lily and Atlas.

It Ends with Us is in theaters Aug. 9.