Japan’s Toho has announced it will produce another homegrown Godzilla film by 2016.

Originator of the sci-fi monster franchise, Toho produced its first Godzilla in 1954, directed by Ishiro Honda. The studio previously announced its 28th installment, 2004’s underperforming Godzilla: Final Wars, would be its last.

It has since seen developments in computer graphics that could help reboot the franchise, and the success of the latest Godzilla licensed to Hollywood. Directed by English filmmaker Gareth Edwards and co-produced by Legendary Pictures and Warner Brothers, the blockbuster took more than $500m worldwide.

Toho has yet to decide on the budget, cast and crew for its upcoming film, but has the production slated to begin next summer.

The studio has launched a committee called the Godzilla Strategic Conference (Godzi-Con) in order to revitalize the brand with hopes to create another Godzilla film that will have worldwide appeal ahead of the 2020 Tokyo Olympics.

The company said: “Toho’s Godzilla has become a globally recognized character and our mission is to continue further increasing its value and drive excitement of those who have supported the monster character. Godzi-Con serves to energize initiatives for Toho and its core mission.”

A “real scale” Godzilla head (pictured) will appear in Shinjuku in May 2015.

Meanwhile, Legendary Pictures and Warner Bros. have Edwards set to direct their next Godzilla edition, slated for release on June 8, 2018.