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Even a franchise as iconic and influential as Ghost in the Shell can have a tough time pulling a profit. The original film struggled in theaters in 1995 but became a cult hit both in Japan and overseas when it was released on home video. When a direct sequel to Ghost in the Shell was released in 2004, you’d think that the legacy of the series would help it quickly pull a profit, but you’d be wrong. More than two decades later, Ghost in the Shell 2: Innocence still hasn’t been profitable for the studio and it is delaying work on a sequel.

The revelation that Ghost in the Shell 2: Innocence still hasn’t recouped its 2-billion-yen (around $18 million in 2004) production budget came as Mitsuhisa Ishikawa, who was a producer on Ghost in the Shell 2, spoke at a screening of the film on March 15, 2025. He commented that a sequel to Ghost in the Shell 2: Innocence, the long-rumored Ghost in the Shell 3, could only be made once the previous film had become profitable. “I want to see [Ghost in the Shell 3] too, so please spread the word about Innocence.”

It isn't clear if Ishikawa is referring solely to the box office of Ghost in the Shell 2: Innocence or if he is including DVD sales and streaming rights in that figure. We're more than a little surprised that after more than 20 years, the movie hasn't managed to make back what Marvel is spending per episode Daredevil: Born Again, but the Japanese box office can be a fickle mistress at times.

It isn’t just Ishikawa who wants to make Ghost in the Shell 3. The director behind the series, Mamoru Oshii said a few weeks ago that he had an idea percolating about a third installment in the series. The two had spoken about the potential sequel just a few days before the screening. “I can’t go into details, but it’s an incredible idea that might allow us to pick up on the hints scattered throughout Innocence.”

Of course, this all depends on Ghost in the Shell 2: Innocence recouping its production costs to justify the studio funding another movie. After more than 20 years, we’re still waiting.

Each week, Popverse's resident anime expert Trent Cannon runs down the latest and, dare we say "greatest," in anime and manga in Popverse Jump. Some recent columns have included... 

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