Pictured is a promotional photo for "Paranormal Activity 4." Paramount Pictures

The Paranormal Activity franchise will continue to haunt movie goers for another year; according to Nikki Finke of

Paramount studios and producers Jason Blum and Oren Pell have begun developing "Paranormal Activity 5," scheduled to release in October 2013.

The fourth installment of the series released at the top of the box office this weekend, racking in $30 million. Though it had a less successful opening weekend than "Paranormal Activity 3," released last year to a $52.5 million opening weekend; Paramount is apparently confident in the low budget horror franchise’s staying power.

Thus far the films (excluding "Paranormal Activity 4") have cost $8 million to make and have earned $576 million worldwide, reports. "Paranormal Activity 4," however, dominated the foreign box offices, earning $26.5 million in its opening weekend overseas; the largest international release in the series, according to the Hollywood Reporter. The movie was a hit in counties like Australia, Germany, and Mexico.

Beyond the ending credits of "Paranormal Activity 4" is a teaser trailer for a Latino based spin off the films. In the clip, a woman in a religious paraphernalia shop says in Spanish, "This is where it begins."

The film will be written and directed by Christopher Landon, the brains behind 2007 thriller "Disturbia," and will pander to the franchise’s apparently large Latino fan base in the U.S. and overseas. Still untitled the film is expected to release in 2013. It will feature the demon from the previous films as well as a mostly Latino cast, and will be filmed partly in Spanish.