One of the most beloved franchises of all time is finally coming back to the big screen with Lionsgate's Power Rangers set to hit theaters on March 24, 2017. Production got under way in late February, but earlier this month, we got the first look at the official costumes, which were received quite positively by fans. It seems those positive reactions have the studio so excited they're already thinking about building a huge franchise around this new Power Rangers movie.

Earlier today, Lionsgate CEO Jon Feltenheimer held a conference call with analysts, where he cited the strong fan reactions to the new costumes as a correlation to the interest in this project. We have also seen an official first look at Elizabeth Banks as the villainous Rita Repulsa, along with photos that have surfaced from the set. Variety reports that, during this conference call, Jon Feltenhemier claimed that the studio wants to make upwards of seven Power Rangers movies. Here's what he had to say below.

"We are really, really excited about the Power Rangers movie. We could see doing five or six or seven."

As of now, the studio hasn't announced any formal plans for a sequel, and we likely won't get any official announcement until we get closer to the Power Rangers release date of March 24, 2017. The Power Rangers cast includes Becky G as Yellow Ranger Trini, Ludi Lin as Black Ranger Zack, Dacre Montgomery as Red Ranger Jason, Naomi Scott as Pink Ranger Kimberly, and RJ Cyler as Blue Ranger Billy, who will do battle with Elizabeth Banks' Rita Repulsa.

This new update of the Power Rangers TV show follows five ordinary high school kids who must become something extraordinary when they learn that their small town of Angel Grove, and the world, is on the verge of being obliterated by an alien threat. Chosen by destiny, our heroes quickly discover that they are the only ones who can save the planet. But to do so they will have to overcome their real-life issues and band together as the Power Rangers before it is too late.

Related: Power Rangers 2 Is Still Very Much a Possibility

Dean Israelite (Project Almanac) directs Power Rangers from a script by John Gatins, Burk Sharpless and Matt Sazama, Zack Stentz and Ashley Miller, and Max Landis. Producers are Power Rangers creator Haim Saban, Brian Casentini, Wyck Godfrey, and Marty Bowen. We'll have to wait and see if Lionsgate does in fact move forward with multiple Power Rangers sequels, but if this reboot becomes a hit with moviegoers, anything is possible.