At the finale of a series of announcements that included all of Bethesda Softworks' household franchises and a brand new one, Todd Howard confirmed that the long-awaited sequel to The Elder Scrolls V: Skyrim is indeed currently in development.
Back in E3 2016, Todd Howard was interviewed and asked about The Elder Scrolls VI:
That's kind of like the elephant in the room, always, when we talk about anything, and I think it's good to tell our fans in these moments, yes, of course we are [developing The Elder Scrolls VI]. It's something we love. But it is—I have to be careful what I say—it's a very long way off. I could sit here and explain the game to you, and you would say, 'That sounds like you don't even have the technology—how long is that going to take?' And so it's something that's going to take a lot of time, what we have in mind for that game. We think very long term. We're not a developer that's going to rush something like this out. Any of our games. So when you think about, what is the future of that kind of game, we have a pretty good idea of what it would be, and it's just going to take technology and time that, really, we don't have necessarily right now.Bethesda Game Studios' in-house game engine Creation showed some signs of obsolescence in Fallout 4 and it's likely to become even more antiquated in contrast with some of the games industry's most powerful engines. In an interview with Ted Price on March 2018, Howard also discussed a "new animation engine" the studio is currently working on. He also mentioned that the new animation engine was being used in a project "currently in pre-production," while the project in "full production" was still using the old system, with the former most likely being The Elder Scrolls VI and the latter being Fallout 76.
With a 37-second teaser showing a sprawling panorama of what looks like a region of Tamriel in all its mountainous and meadowed glory, there is no other hint of setting. Fans and critics speculate it could be the High Rock region of the Tamriel continent, as the mountain ranges are mentioned at some point in the game's extensive lore books.
As it is, the game is probably still years off from release and the announcement was only a way to appease the endless stream of demands for an announcement.
If you want to know more about this and other announcements happening at E3 then be sure to check out our E3 2018 Coverage Hub.