Recently Activision held their financial call where Guitar Hero Live was addressed due to its, “lower than expected performance.” Activision Publishing boss Eric Hirshberg stated,
Next, Guitar Hero Live is a fun, high-quality game that introduced innovative new game play to fans, including the GHTV platform, which keeps our community engaged and will allow us to cost-effectively deliver new content and build our installed base. We plan to release new content, but not another full Guitar Hero console game this cycle.
Since release, developer FreeStyle Games has been consistent with content drops, most recently with a Valentines Day update. It appears that songs will continue to be added to Guitar Hero Live, but don’t expect a sequel during the PlayStation 4 and Xbox One’s life.