'Paranormal Activity 3' Sets A Release Date: Are You Pumped, Horror Fans?

Paranormal Activity 2"Paranormal Activity 2" has scared up $157 million worldwide -- off a measly $3 million budget -- since bowing in October, giving Paramount 157 million (and counting) reasons to set a release date for "Paranormal Activity 3." And that's exactly what the studio has done, setting the third installment in the hit horror franchise for an October 21, 2011, release.

The obvious profitability of the endeavor aside, a "Paranormal Activity 3" should come as no surprise to anyone who saw "Paranormal 2." That film -- and some "PA2" spoilers will follow, so consider this your OFFICIAL SPOILER ALERT -- clearly set up a sequel.

In a move not advertised in the promotional campaign, the movie's first three quarters were actually a prequel to 2009's "Paranormal Activity," depicting Katie's (Katie Featherston) sister Kristi, her husband Dan and their two kids grappling with a demon... and ultimately ridding themselves of it by transferring the curse to Katie. In the film's finale, which occurs AFTER the events of the original film (i.e. AFTER Katie has been possessed), Katie returns to Kristi's house, kills her and Dan, and steals their baby Hunter. An epilogue reveals that Kristi's stepdaughter Ali lives and states that Katie and Hunter's whereabouts remain unknown. Translation: sequel!

In any case, the "Paranormal Activity 3" release date is less than a year away, and right now the film has no cast, no director and no writer attached. No worries, though. We're sure it'll come together, make a box-office killing and spawn another chilling sequel the following Halloween. If the "Saw" franchise really has gone bye-bye, horror fans will be in need of another go-to source for terror come mid-October each year. Looks like they've got it.

Are you psyched that "Paranormal Activity 3" is headed our way next October? Tell us in the comments!