Blumhouse Productions, founded by Jason Blum in 2000, has pioneered a new model of low-budget, high-quality film production for wide release. Starting with the original Paranormal Activity made for only $15,000 but grossing nearly $200 million worldwide, Blumhouse has produced over 30 films using micro-budgets that have achieved high profits. Recent successes include Insidious with a $1.5 million budget but $100 million worldwide gross and Paranormal Activity 3 with a $5 million budget but over $200 million worldwide gross. Blumhouse continues producing films through a first-look deal with Universal Pictures.