It appears to be an animated movie based on The Marvelous Land of Oz, by L. Frank Baum.
Judging by posts on the movie's Facebook, it may be something created by Disney, but it's unlikely since Disney just released an Oz movie last year.
It also seems unlikely that the movie will be released this year. There's been next to no buzz surrounding it, or even one production still, and we are halfway through this year already. Legends of Oz turning out to be such a financial disappointment probably doesn't bode well for it either.
The film may be in final pre-production stage. Some of the cast is set, but according to the official IMDB the overall status of the film is unknown.
Hopefully we will hear some sort of official announcement soon, and won't have to wait years for another Oz movie.