We reported back in 2014 that the 1973 Lois Duncan novel I Know What You Did Last Summer was being adapted for the screen–again–by Sony Pictures. And then, no news surfaced about that project for close to two years. Well, today we finally have an update. It turns out that the project isn’t dead and the studio is still moving forward with it, they are just doing so at their own pace.
Screenwriter Mike Flanagan (Hush) stopped by the Blumhouse offices for a guest appearance on the Shockwaves Podcast and provided an update on the film.
“We wrote it for Sony. We turned in the script and they loved it,” said Flanagan. “It’s going fine. They’re going to make it. I’m not directing it. It’s a really neat take. It’s a whole new deal. We’re not interested in doing the same thing again with the eliminated teenagers and the fisherman.”
“It would be a pretty big film,” he continued, “[with] a $15-20 (million dollar budget).”
Currently, there is no director attached to the project and no news regarding who will star in the picture. But we do know that Flanagan and Neal Moritz (who produced the original I Know What You Did Last Summer) have both signed on to produce.
The 1997 film I Know What You Did Last Summer raked in over $125 million at the global box office for Sony, so their desire to reboot the franchise makes financial sense. But it’s still surprising that it’s happening so soon.
Mike Flanagan is known for his ability to produce quality fright fare on a limited budget. His debut feature Absentia was born from a Kickstarter campaign and made very effective use of its micro budget. His follow up feature Oculus was also made for very little and turned substantial profits.
The project was previously called “a major priority for Sony” and was said to be targeting a 2015 release. But that ship has obviously sailed. We will keep you apprised as more details about the project are unveiled.