The entire season of 'Life is Strange 2' has just rolled off the line, so DontNod is obviously already thinking about how to continue. Should there actually be a new season, you can look forward to new characters.
First of all: So far, no Life is Strange 3 has been officially announced, as Square Enix as the IP owner has made the decision. Nevertheless, one has already commented on a potential third season at Dont Nod.
Michel Koch from DontNod replied to the question of whether the Life is Strange 3 approach would be the same as before:
“I think we would like to do that personally. Of course Life is Strange belongs to Square Enix, so it's a Square Enix decision. But for us as creators, this anthology format really appeals to us and it's really interesting for us to think about brand new characters and brand new stories. So we could also share new scenes and bring something new to the players and just don’t have the same ideas and maybe give them a new perspective on another story. ”
As mentioned, the decision for Life is Strange 3 lies with Square Enix. However, if you look at the current success of the series, a third season should be pretty certain. Until then, Dont Nod is currently working on two other projects that will appear in 2020.