Supermassive Games, the developer for the story-driven PS4 exclusive Until Dawn, was an unexpected success, enough so that a sequel is already in the works. Executive Producer Pete Samuels revealed as much in an interview with PlayStation LifeStyle:
I think that you should expect the team to build on what we've done with Until Dawn, whether it's in horror or in other genres…We do talk internally about what Until Dawn 2 could be, as it clearly can't be a sequel in the traditional sense, with the characters facing the same threat, not least of which because in different stories some or all of them are already dead! We've investigated other ways we could do Until Dawn 2 but it probably is a little early to be discussing that.
Until Dawn 2 could take place in the same setting with different characters, with a few adults around who aren't in high-school and who already have some knowledge of the monsters ahead of time.
But I would choose a different setting altogether, in similar fashion to American Horror Story. An asylum, circus, or coven would make for a set piece with plenty of scary possibilities and wouldn't retread the same material.