Sega announced the movie would be in production at Stories International, alongside movies and tv shows based on several other Sega IP, back in 2016. 

https://variety.com/2016/film/asia/altered-beast-streets-of-rage-sega-movies-shows-1201933661/

Since then, very little has been heard about any of these projects until now. John Wick creator Derek Kolstad will be writing the script, and co-producing the movie with Toku Nakahara (one of the producers on Sega's recent Sonic live action movies). 

https://www.animenewsnetwork.com/news/2022-11-16/lionsgate-acquires-live-action-streets-of-rage-film/.191971

Alison Brie buff as Blaze, please. Don't ask. I have reasons.

John Wick writer and live-action Sonic producers attached? Sign me up.

I also heard somebody say on another forum that Sega is eyeing House of the Dead (in what would be a reboot to that godawful Uwe Boll film), Golden Axe and Crazy Taxi.

Those, plus Shinobi and Yakuza and Altered Beasts supposedly all have films in the works at various stages of development. 

I'd love to see a game-accurate version of Magician on the big screen. Golden Axe could be likened to Conan and Yakuza would basically be like the hordes of gangster movies we have already, but I'm down with them as well.

Though if the Crazi Taxi movie does happen, playing this track is a must: