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Elsa in a scene from Frozen.REUTERS/Disney/Handout

Let it go (on)! The Walt Disney Co. has announced plans to make a sequel to the animated mega-hit Frozen.

At the company's annual shareholders meeting in San Francisco on Thursday, Disney executives officially announced plans for Frozen 2.

Since its release in November 2013, Frozen has become a juggernaut for Disney. It made nearly $1.3 billion at the global box office and generated a massive merchandising revenue stream. The film also won the Oscar for best animated feature. Because of that enormous success, a sequel has been widely expected.

Walt Disney Co. chief executive Bob Iger says directors Chris Buck and Jennifer Lee will return for the sequel.

A Frozen short is to play in front of Disney's latest release, Cinderella, which opens in theatres Friday.