Sonic creative officer Takashi Iizuka has stated that there "may be a future" where Sega brings back its long-dormant franchises, including Burning Rangers and the beloved Nights.

The details:

Iizuka was asked in an interview with VGC if the return of 2D Sonic with Sonic Superstars, as well as the long-awaited sequel to Samba de Amigo, could lead to the company reviving some of its classic franchises that have not received any attention in years. "I can’t say yes to anything right now," Iizuka said. "I can’t really speak for anyone else, but Sonic Team in Japan has been ramping up and hiring lots of people recently—they have more people than ever. So there may be some future where you’ll be hearing about these kinds of titles."
Rumors of a Jet Set Radio and Crazy Taxi reboot have circulated over the last year as part of Sega's 'Super Game' initiative, a five-year plan involving "the development of AAA titles that cross over Sega's comprehensive range of technologies.” A clip of what was said to be an internal video shown at a Sega meeting in 2021 featured what appeared to be footage of a remake of Jet Set Radio, and while the authenticity of the video has not been confirmed, it also featured footage of a Persona 3 remake, which was announced as Persona 3: Reload, so it’s certainly possible we could see more in the future.
Since the release of Nights: Journey of Dreams for the Nintendo Wii in 2007, fans have been pleading with Sega to create a new Nights title, with Iizuka expressing interest in creating a third title. Sega then raised everyone's hopes in 2019 by filing a trademark for Nights: Dream Wheel, later revealed to be a slot machine in a California casino in 2021. However, given the company's apparent increased interest in its older titles, we could see it follow in the footsteps of Konami and bring its "forgotten" IPs back into the spotlight.

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Sega might revive Nights or Burning Rangers in the future