Paramount Headed for Oren Peli’s AREA 51

We are, evidently, about to see found footage of aliens and UFOs.   According to The Hollywood Reporter, Paramount has picked up the distribution rights to PARANORMAL ACTIVITY director Oren Peli’s follow-up, AREA 51.   Paramount is hoping to catch lightning in a bottle a second time, as they were the company that has rolled in the most cash from ACTIVITY’s widespread success.

Says Paramount Film Group president Adam Goodman:

Moviegoers everywhere demanded to see Oren Peli’s spectacular debut and we are excited to show them what he’s created next.

Little is known about the plot of AREA 51 other than it involves aliens and follows the same “found footage” structure Peli had so much success with in ACTIVITY.   The budget is reportedly “slightly higher” than the $11,000 spent on PARANORMAL ACTIVITY before Paramount stepped in on that project.

Until now, AREA 51 has found financing with Incentive Filmed Entertainment and Aramid Entertainment Fund.

Says Incentive chairman David Molner:

These films show that real franchises can be successfully launched from the independent side of the business — not something the marketplace necessarily believed five years ago.

To this, I say, just worry about making a good film.   Let’s not put the carriage before the horse on this whole “franchise” thing.

There is no word yet on release plans for AREA 51.