Nintendo apologized to fans for the delay.
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Earlier today, Nintendo announced that The Legend of Zelda: Breath of the Wild 2 was delayed until Spring 2023. A very vague release window of "2022" was provided last year by Nintendo, but we really haven't seen nor heard much about this sequel for quite some time.

The Legend of Zelda: Breath of the Wild 2 may not even be the game's final name. The decision to just make a full-fledged sequel to 2017's original The Legend of Zelda: Breath of the Wild came about after the development team just had too many ideas for DLC. They would rather create an entirely new game than to just keep "adding data to a pre-existing title."

Series producer Eiji Aonuma announced the delay in a short video (seen below). In it, he said that "in order to make this game's experience something special, the entire development team is continuing to work diligently on this game, so please wait a while longer." A specific reason for the delay was not provided.

Aonuma continued on to talk briefly about the game itself:

"As previously announced, the adventure in this sequel will take place not just on the ground as in the previous game, but also in the skies above. However, the expanded world goes beyond that, and there will be an even wider variety of features you can enjoy, including new encounters and new gameplay elements."
Nintendo did show off a smidgen of new footage shown for Breath of the Wild 2. I believe "smidgen" is the correct and proper scientific term given to this precise amount of new footage that was included. The new stuff was snuck in briefly amongst footage we have already seen prior.