Disney officially announced plans to produce a sequel to “Frozen.”

The company revealed plans during the Walt Disney Company’s annual shareholders meeting on Thursday from San Francisco.

The first film’s director Jennifer Lee and Chris Buck are developing the project.

John Lasseter, chief creative officer at Pixar, Walt Disney Animation Studios, and DisneyToon Studios, made the announcement with Bob Iger.

The sequel doesn’t come as much of a surprise, considering how the first film continues to be a major moneymaking force for Disney’s divisions since its release Nov. 22, 2013.

“Frozen” generated nearly $1.3 billion at the box office and has become a merchandising juggernaut, breaking sales records on homevideo and at Disney’s stores.

The animated short, “Frozen Fever” will unspool in front of Disney’s live action adaptation of “Cinderella,” out in theaters this weekend.

How many non Pixar theatrical sequels are there? The only one I can think of off the top of my head is Rescuers Down Under, which seemed odd to me as a kid because there was such a gap between the movies. I guess Winnie the Pooh has had a few features, and Planes isn't technically Pixar.

‘Frozen 2’ Script Finished, Production Begins Soon

Kristen Bell will start recording dialogue for ‘Frozen 2’ later this month, teasing that the story is really great.

Disney's Frozen was not only the studio's biggest animated hit, grossing over $1 billion worldwide, but it became a cultural phenomenon as well. The TV special The Story of Frozen: Making a Disney Animated Classic debuted in 2014, a year which also saw the lead characters Anna and Elsa transition into live action in the ABC series Once Upon a Time. Last year, the animated short Frozen Fever debuted attached to Cinderella, and later this year, a Frozen ride will debut at DisneyWorld. While Frozen continues to inundate the cultural landscape, fans are still waiting for the sequel, Frozen 2, which was confirmed last March. During an interview with Collider, star Kristen Bell, who voices Elsa, revealed that the sequel's script is written, and she'll start recording dialogue later this month. Here's what she had to say, when asked if she's started recording yet.

"Not yet. We're just about to. They've just written it and they're still doing tweaks, but I think we should be recording this month. The story is great, and they exude quality. What I know about that whole team is that they wouldn't just put something out to put it out. That's why it took them so long to even announce that we were doing a second one. Generally when you have a first successful movie you want to make a second one. It took them a while because they wanted to figure out what story they needed to tell and what would be important and engaging and I think they found it."

Director Chris Buck revealed in August that the sequel will continue to showcase Elsa as a much happier person, which we saw in the animated short Frozen Fever. The original Frozen followed Anna (Kristen Bell), who sets off on a journey to find her sister Elsa (Kristen Bell), whose frigid powers have brought an eternal winter to their homeland of Arendelle. Anna is joined on her journey by Kristoff (Jonathan Groff) and the snowman Olaf (Josh Gad). Disney hasn't issued a release date for the sequel yet, but we'll be sure to keep you posted with more Frozen 2 updates as we get closer to production starting. What do you want to see happen with Anna, Elsa, Kristoff and Olaf in Frozen 2?