Given the low budget to high gross ratio, it’s hardly a surprise that Paramount would be looking to take the formula of Paranormal Activity and run with it. The “cousin” film will feature a Latino cast and be aimed towards the Latino market.

The Hollywood Reporter broke the news, confirming that the film would be penned by Christopher Landon, the writer of the second and third films in the franchise. The studio plans to make the film over the next several months, with a January 2013 release date in mind.

Landon will write and direct the project, described by sources as a “cousin” to the Paranormal movies but not a sequel, reboot or spinoff. The real kicker is that the movie will be Latino-themed. It will star a Latino cast and will tackle Catholic-based paranormal mythology. It will not, however, be in Spanish.

Paramount seems to be focusing on the spend-a-little, gross-a-lot-style horror films – The Devil Inside Me was released this past January, earning an impressive $100 million worldwide on a very modest budget of $1 million. A fourth Paranormal Activity film is slated for release this October.

Will you see this “cousin” film, or do you think the whole genre has grown tired?