Sony is rebooting 'I Know What You Did Last Summer', which could prove to be a shrewd and lucrative decision.
17 years after the original, Sony Pictures is rebooting the horror flick I Know What You Did Last Summer. The movie was a major hit for the studio and grossed $125 million, whilst the sequel, I Still Know What You Did Last Summer, took $84 million on a budget of $24 million.
Jennifer Love Hewitt starred in the original 'I Know What You Did Last Summer' movies
The new movie is written by Oculus co-writer/director Mike Flanagan and Jeff Howard though it will again be adapted from Lois Duncan's 1973 book. Neal Moritz will return to produce.
Starring 90's stars Jennifer Love Hewitt, Sarah Michelle Gellar, Ryan Phillippe and Freddie Prinze Jr, the first movie centered on four friends who are stalked by a killer one year after covering up a car accident in which they were involved.
Sony presumably sided with Flanagan and Howard given the relative success of Oculus, which ended up grossing $40 million on a budget of just $5 million. According to Deadline, I Know What You Did Last Summer is a priority or Sony and they want it ready for 2016. It should be relatively cheap to cast and if the studio can make it for around $30 million, they are likely to enjoy a very healthy profit indeed. With the likes of Devil's Due, Deliver Us From Evil and Purge: Anarchy all performing strongly in the low-budget horror market this year, Sony could push forward with a rebooted horror franchise.
As for the remainder of 2014, Sony has the controversial comedy The Interview prepped, while David Ayer's World War II drama Fury, with Brad Pitt, is the primary awards hope.