EXCLUSIVE: Jason Blum will bring the studio into the low-budget but often high-gross world of genre films. Universal Pictures has made a 3-year first-look deal with Blum and his Blumhouse Productions which produced the Paranormal Activity franchise, and followed that up with Insidious, the James Wan-directed thriller that has already become one of the most profitable films of 2011. A sequel seems inevitable.
The original Paranormal Activity cost about $15,000 and grossed $193 million. The first sequel cost $3 million and grossed $177 million worldwide and the third film debuts Oct. 21. Insidious cost $1.5 million and grossed $81 million worldwide and is still rolling out. This guy is minting money. He’s producing the latest installment of the fright franchise Amityville Horror: The Lost Tapes for Dimension Films, produced the Barry Levinson-directed eco-horror film The Bay, The River for ABC and the Jay Chandresakar-directed comedy Baby Makers. He is producing the Oren Peli-directed Area 51 for Paramount Pictures, as well as The Lords of Salem, with Rob Zombie directing. Blum’s also an exec producer on the John Hillcoat-directed The Wettest County in the World. This amounts to an aggressive move into the low-budget area for Universal, which, if anything, is known for spending generously on its slates. (more…)