The Atlantic says
Horror is a genre of copycats. From the holiday-themed slashers spawned by Halloween, to the slew of Japanese-horror remakes like The Ring, to the torture-porn grotesqueries of movies like the Saw franchise, Hollywood horror filmmakers race to embrace the latest genre fads like insecure tweens aping Justin Bieber's newest hairdo. The runaway success of the Paranormal Activity franchise over the past few years has brought us the latest of the "me too" horror trends: the found footage film.
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It's never going to go away because it's a different kind of art form that can be done really cheap and most filmmakers don't have money.
I like it, and maybe, MAYBE, just maybe , those 12 years shows it isn't just a fad, just a new genre, which I actually like, Cloverfield was different, but I loved it.
I love the genre...except for The Blair Witch Project. :) It was just so **<<SPOILER>>** anti-climactic. Ya know?
Cloverfield, Quarantine, Rec (What Quarantine was based off of), and The Devil Inside have all been fantastic!
I also highly recommend Cannibal Holocaust, the movie that started this genre. ;) Absolutely brilliant!
These movies will persist because people have gotten boring, all of these movies end up playing out the same and people keep droning on to the movie theater to see them.
People have gotten so used to Hollywood and all the 'Indie Filmmakers' churning out crappy movies that they just don't care. People will watch anything so long as it's 'new'.
I was having a similar discussion with friends and one of them said, "Cloverfield, was a pretty scary movie" I wasn't sure if I should get angry or just pat them on the head.
As long as people have cameras these movies will still exist, they cost next to nothing to make, so there is no financial risk and for budding film makers it's there only option