Although the original animated film had a couple direct-to-video spin-offs, there hasn’t been a true sequel to The Beauty and the Beast. From what I’ve heard about the live-action movie, though, is that it is it’s own animal entirely, and given the surpassing of the billion mark at the box office, the idea of a sequel seems likely. This is especially true to Dan Stevens, who played the Beast in the film.
In an interview with Stevens, he mentions that it is “not a question” for him and that he’s “not sure what turn it would take”, but to “never say never” and that he’d “kind of like to bring the Beast back”.
Walt Disney Head of Production Sean Bailey has stated however that the studios won’t focus on sequels, but rather “spin-offs or prequels”. That’d being said, it’s not impossible to see more of the story of any one or more than one of the characters from the live action. I’d personally be interested in a Beast spin-off, especially since Stevens is interested in returning.