Buoyed by the success of its breakout hit Paranormal Activity, Paramount has formed the Insurge Pictures label to develop and release "micro-budget" films (original plans called for 10 to 20 films per year budgeted at no more than $100,000 each), the first of which has been announced as The Devil Inside.
As the title implies, it's an exorcism flick, and based on the synopsis below, it sounds like it might be a found footage/POV film (which wouldn't be surprising, given the budget):
Her entire life, Isabella Torelli believed her mother brutally murdered three people because she was clinically insane. After being told the murders occurred during an exorcism, she sets out to discover the truth. While documenting her experience with a film crew in Italy, she becomes involved in a series of unauthorized exorcisms.
The Devil Inside, which has already finished filming, is directed by William Brent Bell, who brought us the 2006 video game horror movie Stay Alive. Insurge has it scheduled to hit theaters on February 24, 2012.