It’s based on the original movie with same title, which itself is based on true events. Three layers of meta or so, since the characters here know and watch the 1976 movie, with the killer repeating the scenes. Unlike the 1976 movie, this one feels much more engaging and fresh – not just because of the intriguing story which keeps you on the edge guessing who is the killer, but also because of the visuals. It has some creative camera work which greatly adds to the overall atmosphere. The director from Spain was the right choice, because in case with some American horror director they most likely would make yet another boring by-the-book reboot.
The main heroine is a way too lightheaded and naive though.