It sucked after the fact.
The marketing for this movie was ingenious. They put up fake sites about the "truth" in this story. They made fake news reels that were played on misc. channels.
For a select few people who heard of this movie coming out before knowing it was a fraud, this was a decent scary flick. However, as soon as the producer/actors came forward a week later, everyone seeing it after the fact was disappointed.
I was privileged enough to see it when it was still rumored to be actual video. It didn't scare the shit out of me...but I farted a little.
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