The computer animation industry has been booming and prospering in recent thirty years. One of the significant changes faced by this industry is the evolution of computer-animation data and, yet, extant literature has offered very little insights into the evolution process and management issues pertinent to academics and also insights to practitioners for more effective and innovative management of computer-animation data. This conceptual paper, therefore, takes the pioneering step to address these issues by proposing four factors prudent for examining the evolution phases associated with computer-animation data management: technology, content, users, and community. Next, this paper presents a conceptual framework illustrating the inter-dependent relationships between these four factors together with associated theoretical and managerial issues. This paper, albeit limited by its conceptual nature, advances the extant literature of computer animation, information system, and open-product model.