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Paranormal Activity 4 Set for Release in 2012

Paramount announces it will pursue another installment in the hit Paranormal Activity franchise.

Horror fans are flocking to YouTube to watch the trailer for Paranormal Activity 4 as Paramount officially revealed on Monday it is pursuing another chapter in the hit Halloween franchise. Although the studio is yet to set a date, according to The Hollywood Reporter, the movie is slated for release in 2012.

Produced on a miniscule budget, the success of the Paranormal Activity films is a sizeable victory for Paramount and producers Jason Blum, Oren Peli and Steven Schneider. Unusual for a third outing, Paranormal Activity 3 bested the first two films, grossing $202.2 million worldwide.

Paranormal Activity 3, which cost $5 million to produce,opened to a massive $54 million in 2011 -- the top launch of all time for a horror film, as well as the best October debut ever.

The first Paranormal, which cost $15,000 to produce and opened in a limited run in September 2009, went on to gross $193.4 million worldwide. Paranormal 2 cost $3 million to produce, and grossed $177.5 million worldwide.

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