Fantasy Life is doing well for Level 5 and they have plans to keep it going as a new Level 5 series in the future. In the meantime, however, the first game is going to see a large DLC content update sometime this year.
The content update will add new quests and the ability to play with other people over the Internet. Additionally, Level 5 say they’re making changes to the game world and unlocking the game’s level cap as well.
A price and release date for the update haven’t been announced yet, but Level 5 do say they have plans to distribute further DLC to players who purchase this content update.