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Those who think the days of the truly independent sleeper are long gone should take note of the “Terrifier” films which, with their direct, rather insular appeal to hardcore horror devotees, have racked up a very tidy sum in profits from relatively tiny budgetary layouts. A third feature will be released this fall, but meanwhile there’s “Stream,” a stand-alone effort from much of the crew of “Terrifier 2”, which capitalized on the original’s cult status to gross nearly $16 million two years ago. “Stream,” too, is launching as a limited theatrical event, booked between Aug. 21 to Aug. 25 in the U.S. and Canada, with other territories to follow.

Though it breaks from their conceptual template — there’s no killer clown — “Stream” also echoes the “Terrifier” films in its general gist, as well as individual plusses and minuses. They’re all movies on the higher-quality end of that peculiar gorehound terrain,...