We have some new details on SpongeBob Squarepants 3. The charming, high-pitched yellow sponge has been hanging out in Bikini Bottom for the better part of two decades now, but we've never really had a proper origin story for the character up to this point. That's all set to change with the upcoming third big screen movie, as it's been confirmed by Paramount Pictures that this will indeed be an origin story, in addition to some other key details.

Speaking at the VIEW Conference, which is currently taking place in Turin, Italy, Paramount Animation president Mireille Soria dished some details about the movie, which is officially titled The SpongeBob SquarePants Movie: It's a Wonderful Sponge, which serves as a hat tip to the classic It's a Wonderful Life. This new Spongebob movie will see the character looking back at his life, giving us a glimpse at how he met Patrick, Squidward and the rest of the gang for the first time. Here's what Soria had to say about it.

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"For the first time ever, we're going to the get to the origin of how little Spongebob met the rest of the Bikini Bottom gang at summer camp. The film's opening will take place at Camp Coral when all of our favorite characters meet for the first time."

That should make this interesting for longtime fans of the series. Not only are we going to see how Spongebob came to be the character we know and love, but Hans Zimmer, one of the most prolific and respected composers working today, will provide the score for the movie's soundtrack. Movie buffs know Zimmer's name well, as he's scored tons of movies like Gladiator, the Christopher Nolan Batman movies and plenty more. On the animation side, he's worked on classics like The Lion King and Kung Fu Panda. He adds a lot of credibility to the project.

As for what to expect visually, this will be a fully CGI, 3D animated adventure. So don't expect a 2D big screen release like 2004's The Spongebob Squarepants Movie. Speaking to that a bit, Mireille Soria explained that franchise movies are their "meat and potatoes," and as such, Paramount has to do what will put the most meat in seats.

"The big tentpole movies are our meat and potatoes. Those have to reach a broad audience. I don't think we can do 2d movies, to be honest. I think that's hard."

Paramount, compared to other studios right now, is pretty thin on franchises, so Spongebob is something they can look to as a possible bright spot. The previous two movies grossed a combined $465 million at the box office. The SpongeBob SquarePants Movie: It's a Wonderful Sponge will be written and directed by creator Tim Hill. The movie is set to arrive in theaters on July 17, 2020. This news was first reported by Cartoon Brew.