Paranormal inspires Paramount's low-budget quest

The Wall Street Journal reports that Paramount Pictures it will spend $1-million a yar to find and produce low-budget movies. The obvious inspiration for this decision is PARANORMAL ACITIVITY, which became a surprise blockbuster when released earlier this year. Paramount plans to develop 10-20 projects at budgets under $100,000. Not all of the films would be released theatrically, and Paramount Chairman Brad Grey insists the studio ise not trying to recapture the success of PARANORMAL ACITIVITY but to find new voices:

“This is about fostering new talent and finding filmmakers around the world. We are not thinking that we are going to re-create ‘Paranormal Activity’ or find the next one.”

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