I really want this to be a TV show, and not a movie franchise. The nature of the world and the way things are hinted at is so interesting that it deserves the in-depth exploration you get from a show. We know, from the movie, that:

orcs are willing immigrants from Eastern Europe, who once served a "dark lord" in a world run by elves, it's debatable whether or not this "dark lord" was actually ever dark
what really happened with the orcs? They're clearly from Eastern Europe (slavic names, death metal, the slavic cop talked about how his ancestors killed orcs), why did they come to America? How did they become so numerous?" humans are pawns of the elves, who pit human against orc, admittedly this is a lazy analogy of middle class vs lower class at the behest of the upper class but still, how did that happen? the implication that elves are not special beings with unique access to magic, they have simply tricked everyone into thinking that they are, what are the odds that a random human could use a wand?
how on earth does the whole world work? Clearly America is run by the elves, but what is the entire planet like?
Why do elves rule the United States when they make up such a small percentage of the population?

There are so many fun questions and concepts to explore that this movie has only just barely scratched the surface of. A tv show would give writers the opportunity to explore them all.