I'm 1 month late but the first Zelda movie has to be animated. I don't want a cheap live action movie of Zelda no ma'am. It could be some incredible animation like the Mega man smash 4 trailer. It would be so much better. I just fear the costumes and everything if they do a live action.
That said, with the huge new popularity of the brand and the incredible source material they have for a movie, i'm sure it could happen after the Mario movie if it's somewhat a success.