"The Matrix Resurrections" faced several challenges that contributed to its underperformance. First, it was released in a crowded market with strong competition from other blockbuster films. Additionally, the film's narrative was seen as convoluted, which alienated both new viewers and long-time fans of the franchise. There was also criticism regarding the lack of innovation compared to the original trilogy. Lastly, the simultaneous release on HBO Max may have diminished box office attendance, as audiences opted for home viewing.

As of now, there has been no official announcement regarding a "Matrix 5." Keanu Reeves reprised his role as Neo in "The Matrix Resurrections," released in December 2021. While there has been speculation about future installments, including potential sequels, nothing has been confirmed. The decision to proceed with another movie would ultimately depend on various factors, including the success of "Resurrections," the interest of the cast and crew, and the vision of director Lana Wachowski.

"The Matrix Resurrections" follows Neo, now living as Thomas Anderson, who is unaware of his past as the One. He encounters a version of Trinity, and together they confront the new threats posed by a familiar adversary, the Architect. The film explores themes of reality, choice, and love while introducing new characters and revisiting familiar ones. Neo must reconcile his past identity and fight against a reimagined Matrix, ultimately seeking to liberate humanity once more. The film blends nostalgia with fresh concepts in the iconic franchise.

Will Smith turned down the role of Neo in "The Matrix" to star in "Wild Wild West." He has mentioned that he was not fully convinced by the script of "The Matrix" at the time and thought "Wild Wild West" would be a better fit for him. Ultimately, Keanu Reeves took on the iconic role of Neo, which became a defining performance in his career and a pivotal part of film history.