Tim Schafer (Double Fine's founder) is willing to make a sequel to the game and the last official news were basically "It will done... eventually."
Last time I heard about it the main reported issue was... money. Although the deal was "if Psychonauts 2 does well, Brutal Legend 2 will be possible"... and Psychonauts 2 crowd-funding was indeed pretty successful 😀
The biggest thing with money is getting the licensed songs and the big name actors and singers to be voice actors... it'd need to be a huge Kickstarter to get that to line up again
Yeah, that's the reason why the first has no songs from artists like Iron Maiden, too expensive :'(
There is slight problem that big games usually take 3-5 years complete, but seeing as music biz struggles, wouldn't be surprised if artists would see this as way to PR their band and not charge full price.
I'm actually trying to convince few bands I know or am related to through family, showing off little Guitar Hero rip-offs I've put together in GameMaker, but smaller bands are very... erm... slow to put much effort into promo :D
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