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I agree with the people who say it's impossible to quantify. In theory, the quality should be consantly improving in the same way it does with all art forms but then, it gets harder to be innovative and come up with completely original ideas, so there are fewer landmarks.
The most recent ground breaking movie I can think of was Blair Witch but then it borrowed heavily from Cannibal Holocaust. Obviously, 3D is the next big thing, but it's just improved technology and not human creativity. There simply are very few novel horrors coming out. There are movies that spark renewed interest in the genre, like Scream and Saw, but they are rehashes of previous work.
I suppose Irreversible was 'new' but will we ever see a bonafide horror make the sort of splash that Psycho, Exorcist, Jaws, King Kong, The Birds, TCM made? Would the Saw movies count? That's as close as I can come to thinking of a 'great' from the modern era.
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top 10 movies
1. event horizon
2. ju on
3. suspiria
4. the exorcist
5. ringu
6. tcm
7. exorcist III
8. the omen
9. haute tension
10. creep
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