The Paranormal franchise has been a sizable success for the studio and producers Jason Blum, Oren Peli and Steven Schneider (who shifted to a producer role on Paranormal 3 after executive producing the first two films).

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.

Released Oct. 21, Paranormal 3 opened to a massive $54 million in the U.S. (the top horror launch ever) and grossed $202.2 million worldwide -- besting the first two films, an unusual feat for a franchise's third outing. The projects are made on shoestring budgets; Paranormal 3 cost $5 million to produce.

But unlike 2011, when Paramount faced no direct competition, there's a horror movie set to release on October 26 in the form of Dimension Films' Halloween 3D.