After the first couple of weeks of release, it appeared that the critical buzz around Dreamworks' How to Train Your Dragon wasn't going to amount to much at the box office. Then the strong word of mouth, combined with relatively weak family film competition, led to strong holds and surge of audience activity. Now 'Dragon' is a bonafide success, soon to surpass all Dreamworks non-Shrek titles. So a sequel was pretty much a leadpipe lock.
It appears that Dreamworks is doubling down on the prospects of turning 'Dragon' into a viable franchise, commissioning two separate scripts for the sequel, to be written by the film's directors, Chris Sanders and Dean DeBlois. The report from the TAG Blog states that both directors had differing ideas for the sequel, but that they "sort of tracked together".
What that means exactly nobody can be sure. The possibility is that both stories could be combined to produce one film. What I think is more likely is that the stories will be merged to create an overarching theme that will encompass the next two features.
However it turns out, it looks like Dreamworks has found it's lead dog to replace the concluding Shrek franchise.
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