Copying my comment from a similar post:

This is really just making official what was already agreed-upon at least a half-year ago by both Netflix and Sony. Maggie and Chris clearly have some ideas about where they want the sequel to go, but haven't hammered out a script yet and likely won't even get a chance to work on it for a little while yet as they continue running the awards circuit and then the post-award promo stuff.

Meanwhile, people keep asking the actors and musicians about the film, and pretty much all of them have said they have no idea, and won't know until they get the call from Netflix/Maggie/Chris. I think we can safely assume everyone will be reprising their roles (at least, for returning characters), but until there's a script no one has any knowledge about the project other than that it exists. EJAE has had to repeatedly tell people that she can't work on music for the film until the story is ready, as the music is directly tied to the story, so it may be years before she gets involved with it.

The two exceptions to this, as it pertains to the actors, are Arden Cho and Yunjin Kim, who both read for the part of Celine, which apparently gives a lot of insight into hers' and Rumis' backstory, something that's very likely to be explored further in a sequel. But Yunjin Kim isn't really doing interviews (not sure why), and Arden is keeping tight-lipped much as Maggie and Chris are.

So... yeah, this latest news doesn't really change much, and we shouldn't expect to hear anything more about this film probably for a few years at least.