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The question is, what would it be about in order to sustain an entire movie? You would also need to put Jack Sparrow in there some way.
Depp apparently has high expectations for the 5th movie, and says it will probably be the last.
http://entertainment.inquirer.net/139669/depp-has-high-hopes-for-pirates-5
5 doesn't seem that bad of a number to end, though i was originally hoping On Stranger Tides would have been closed enough in order to be a kind of Epilogue to the Trilogy, dealing with Jack's quest for Imortality, i actually found it a bit weird how in the 4th film he was suddenly uninterested in getting that, i know he didn't want to become like Davy Jones, but he was still ready to become the captain of the Flying Dutchman if it wasn't for Will dying. Then there was also the post-credits scene pretty much leaving another thread open.
After what the 2nd and 3rd films did with the plot, it feel like they would need to make a final instalment grand in scope, my vote would be on letting the 5th film be another relativelly stand alone story, and then doing 6 and 7 back-to-back. I remember some people mentioning the Spanish from OST as villains for the next ones, which wouldn't be a bad way to go.
There WAS a toyline early on. Tho I don't recall who was making whatit's weird that there never a toyline. Not for collectors but strictly for kids.
-Jack Sparrow
-Barbossa
-Will Turner
-Elizabeth
-Davy Jones
-Skeleton crew
- Fish guy 1, 2, etc
-Bill Turnet
-Cuttler Beckett
-Admiral Norrington
-Blackbeard
-Angelica
-Pintel and Ragetti
-Calipso
-Pirate Lords
And so on and on, it's just as big as you want it to be, as long as you have good and bad guys to fight each others you're set, it's not as if kids were going to see the collection with the most toys, they're not going to prefer a franchise that has 20 toys just because Pirates only has some 12.
To me it seems like making a lot of excuses to not release a certain toyline, expecially when PotC is such a strong brand, every Toyline stars with a limited number, you use them to test the audience and if successul, then you move on.