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Like Despare touched on, I think it has to do with the quantity of films coming out nowadays. There's gonna be probably 5-15 pretty good horror films in any given year. In the 80s, there might have been 10 good ones one year and 30-40 stinkers. Now, we still get about 10 good ones a year, but there's more like 200 stinkers out there with all the straight to video stuff.
There's still good horror being made, you just need to know where to look.
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