The idea of a couple of people have to film something over a strange contest is a interesting idea, but the actual story feels similar to the director first movie. The story is kind of like the found footage version of The Strangers with three characters being targeted and harass by an unknown person. Its easily predictable and there's a couple of cheap jump scares throughout the movie. There's also a minor side plot of Leonard doing a bunch of random things by the unknown person, but that isn't that interesting to watch. Also the movie spends a lot of time with the three characters hiding or thinking of a plan.
I have to say that the ending is really stupid and doesn't make any sense. No spoilers, but its really bad compared to The Gallows.