In October, Paranormal Activity 2 opened to great reviews and even greater money. The film was a huge success and has grossed $156 million so far at the box office. The first film topped off at $193 million so it won’t be long before the sequel catches up. While Paramount is counting their money, they’ve decided to push a third film into development, and according to Bloody Disgusting they’ve already got a release date set.

The site has gotten exclusive confirmation from the producer and director of the first Paranormal Activity Oren Peli, that the third film is scheduled to hit theaters on October 21, 2011. It looks like they’re sticking with the Halloween theme. Could this franchise be picking up where the Saw series left off?

No other details have been released about the sequel other than the date. For those of you who have seen the movie, where could the story go from here? Where should the film take place? We’re assuming they’re going to stick with the “found footage” format that the series is known for but how many more people can they watch? After a while, it’s going to get redundant like another horror franchise we know (cough Saw).

What do you think about Paramount releasing Paranormal Activity 3 next Halloween?