We'll find out soon enough if there's enough room for multiple King Kongs on the market.

According to Deadline, the iconic monster-sized ape is headed to Disney Plus courtesy of James Wan and Stefany Folsom, the latter of which was a writer for Amazon Prime Video on Paper Girls and The Lord of the Rings: The Rings of Power.
Also, if you're wondering, this isn't set in the same MonsterVerse that includes the Godzilla vs. Kong sequel that's coming in 2024 and the still-untitled Godzilla series by Apple.
Here's the description of Disney's King Kong show:
Written by Paper Girls creator Stephany Folsom, King Kong is a serialized action-adventure drama that brings the classic monster story into the modern age, with a return to Skull Island and the dawn of a new Kong. The series will explore the mythology of King Kong’s origin story and the supernatural mysteries of his home based on IP from Merian C. Cooper’s original books and the new King Kong novelizations by Joe DeVito.
Without going too much into the details, a technical loophole will allow multiple studios to produce their own Kong. As a result, Universal Pictures, Legendary Entertainment, Warner Bros., Toho, and now, Disney, are all free to come up with their own interpretations of the iconic character.
TLDR; Kong might have just unlocked the secrets to the multiverse.
Speaking of Disney, fans of Star Wars and Marvel can look forward to the D23 Expo. One of the biggest highlights of this year's festivities is the Disney and Marvel Games Showcase. If we're lucky, we'll get more details about the upcoming King Kong series by then. But, if not, fans can at least look forward to watching Folsom's work with The Lord of the Rings: The Rings of Power.