The little horror movie that could, Paranormal Activity hit the right cultural spot in 2009, taking the internet by storm with a pseudo-grassroots campaign that led it all the way to a wide release and a nearly $200 million worldwide gross. Considering it took only $15,000 to produce, the film essentially cost Paramount the budget of a marketing campaign. Its resounding success necessitates a string of sequels that will likely continue an entry or two past the point of diminishing returns, and then even further on the Direct-To-DVD front (or whatever Direct-To-Stream paradigm is established by then).
The studio wasted no time churning out said sequel, and embedded below is a trailer for it. The studio must have some confidence, as they are pitting it directly against Saw VII (a franchise which has seen its release date creep back from Halloween one day at a time with each successive sequel) on October 22nd.
The film credits Oren Peli for characters, but the intrepid low-budget filmmaker did not write or direct this sequel. That said, it appears to be very much more of the same, this time with easily imperiled dog and baby for audience shock!