I think the answer is quite simple.
They will be produced if the company thinks they can make money on it. And based on the music industry, companies make a lot of money selling consumers what they already own in a new "improved" format. Toss out that vinyl and buy a CD with no scratches and "perfect sound forever". Toss out those old VHS tapes and buy a DVD. Then toss out that DVD and buy a whatever.
As to which format, the company that owns the rights will choose the format they support. So, for example, a film owned by Sony will be Blu-Ray.
They will be produced if the company thinks they can make money on it. And based on the music industry, companies make a lot of money selling consumers what they already own in a new "improved" format. Toss out that vinyl and buy a CD with no scratches and "perfect sound forever". Toss out those old VHS tapes and buy a DVD. Then toss out that DVD and buy a whatever.
As to which format, the company that owns the rights will choose the format they support. So, for example, a film owned by Sony will be Blu-Ray.