At face value, most successful anime franchises of all time. The original 1995 film, directed by Mamoru Oshii, was an early global hit for theatrical anime, influencing a generation of science fiction films, including The Matrix. Over the decades, the franchise has expanded with numerous sequels and spin-offs, leading up to a newly announced series slated for release in 2026 from Science SARU (Devilman Crybaby.)

Director Mamoru Oshii’s original film, with its innovative blend of cyberpunk action and philosophical depth, helped establish the template for future Ghost in the Shell productions. Despite directing only two entries—the 1995 Ghost in the Shell movie and its 2004 sequel, Ghost in the Shell 2: Innocence—Oshii remains the most publicly recognized figure associated with the franchise. For years, fans have speculated about whether he would return to complete a trilogy. Now, new insights reveal why Ghost in the Shell 3 hasn’t happened—and what it would take to make it a reality.

Oshii Teases a Third Film—With Conditions

Financial Struggles Stand in the Way

At a special screening in Tokyo on March 2, featuring 4K remastered versions of Ghost in the Shell and Ghost in the Shell 2: Innocence, director Mamoru Oshii and voice actor Akio Otsuka (the voice of cyborg cop Batou) participated in a Q&A session. When asked if he would ever make another Ghost in the Shell movie, Oshii responded that he would—but only “under certain conditions.” He elaborated, “I do have an idea for a third film. There’s just one thing I feel I left unfinished. If I had the chance, I’d like to do it.”

Just weeks later, on March 15, the remastered Ghost in the Shell 2: Innocence opened the Niigata Animation Film Festival. Although Oshii did not attend, Production I.G's CEO Mitsuhisa Ishikawa—who produced both Ghost in the Shell films—spoke at the event. Ishikawa revealed a key obstacle preventing a third film: finances. He explained that Innocence had an enormous budget, estimated at around 2 billion yen (approximately $13 million), with profits reaching a similar figure. However, the film was planned with a ten-year financial recovery period, and even after 20 years, it has yet to break even.

This, Ishikawa stated, is the primary reason a third Ghost in the Shell film has not been made. “Ghost in the Shell 3 cannot be made unless the production costs of Innocence are recovered. This is something I want people to know and share. I want to see another sequel, too.”

The Revolutionary Vision of the Original Film

Ghost in the Shell 2: Innocence—A Departure from Expectations

Oshii’s first Ghost in the Shell film (1995) arrived following the success of Masamune Shirow’s popular manga, striking a careful balance between high-octane action and a visually rich, thought-provoking atmosphere. The film followed Major Motoko Kusanagi, a female cyborg, as she pursued the enigmatic hacker known as the Puppet Master—characters that fit well within the "girls with guns" trope of the era.

With its deep exploration of artificial intelligence, the expanding internet, and human consciousness, the film was truly groundbreaking. It was also a financial success, grossing $10 million on a budget of $3 million. Oshii’s adaptation helped define the cyberpunk genre, setting the stage for the franchise’s continued success with sequels and spin-offs, beginning with the 2002–2003 anime series Ghost in the Shell: Stand Alone Complex.

When Ghost in the Shell 2: Innocence was announced, audiences expected a continuation of Oshii’s signature blend of action and philosophy. However, the sequel took a very different approach.

Set years after the original, the story shifted focus to Major Kusanagi’s partner, Batou, as he investigated a dark, noir-tinged case involving murderous humanoid robots known as gynoids. Unlike its predecessor, which balanced action with thematic depth, Innocence leaned heavily into a dreamlike atmosphere, emphasizing long, meditative sequences and dense dialogue. Batou and his partner Togusa often spoke in quotes from literature and classical philosophy. Most notably, Major Kusanagi—arguably the face of the Ghost in the Shell franchise—was reduced to a fleeting but significant cameo. Despite these changes, Innocence remained a film deeply reflective of Oshii’s artistic vision.

A Divisive Reception Upon Release

A Film That Grows with Time

I seeing Ghost in the Shell 2: Innocence at a preview screening back in 2004. My fellow critics and I were blown away by its animation—even more technically ambitious than the original. However, we also found the film dense, overly talkative, and unfocused. As a fan of Oshii’s earlier art films like Angel’s Egg, I appreciated Innocence for its dreamlike atmosphere and visual ambition.

Still, I couldn’t help but wish for more of what made the first Ghost in the Shell a hit—a stronger balance between action and introspection. Despite an extensive publicity push, including a competition screening at Cannes, it wasn’t surprising that Innocence struggled to connect with mainstream audiences.

And yet, over the years, I kept coming back to Innocence. With each rewatch, its complex narrative and layered themes became more apparent. The film’s initial density eventually unraveled into a deep appreciation. I even picked up a Making Of art book and was stunned by the level of craftsmanship—so much of it painstakingly hand-drawn. The sheer attention to detail was staggering. Today, Innocence is my favorite Ghost in the Shell film, simply because it represents the purest expression of Oshii’s artistic vision. I can only imagine what a third film, made on his , would look like.

Oshii’s Vision for a Third Film

Will Ghost in the Shell 3 Ever Happen?

Earlier this month, Mamoru Oshii speculated on the possible themes of a third Ghost in the Shell film. He suggested it might explore “the existence of the soul” and how, in anime, a character’s voice and their being are inherently separate. This idea of identity and fragmentation was also central to Innocence. "Even though they’re the same characters, their voices change (like in Innocence). With a flesh-and-blood person in live action, that’s difficult. Motoko and Batou only exist within the world of anime. In animation, it’s easier to infuse characters with emotion."

As much as Oshii may have ideas for Ghost in the Shell 3, the reality is complicated. As Ishikawa pointed out, the financial losses of Innocence make another high-budget sequel a difficult proposition. Still, with the Ghost in the Shell franchise continuing to thrive and Oshii’s vision still lingering, there remains a possibility. If all the right pieces align, we may yet see Ghost in the Shell 3 become a reality. Until then, fans can only wait and hope.

Source: Mantan Web