The latest installment in the iconic horror franchise, "I Know What You Did Last Summer,"has made its theatrical debut in North America, navigating a competitive landscape dominated by major tentpole releases like "Superman" and "Jurassic World: Rebirth." Despite facing significant competition, the R-rated slasher film managed a decent opening day at the box office, signaling a potential return to form for the series, aligning its initial collections with those of its predecessors.

On its opening day, "I Know What You Did Last Summer" collected an impressive $5.9 million domestically, which included $2.2 million from Thursday previews. This performance secured its position at #3 in the North American box office chart. Industry analysts project a respectable opening weekend take between $13 million and $16 million, mirroring the debut weekends of the original 1997 film, which earned $15.8 million, and its 1998 sequel, which raked in $16.5 million. It's worth noting that a third standalone sequel, "I'll Always Know What You Did Last Summer," was released straight to DVD without a theatrical run.

Critically, the film received a mixed to negative reception. CinemaScoreawarded it a C+, while Rotten Tomatoes reflected a divided opinion: critics gave it a 38% rating with a consensus stating, "Faithfully harkening back to the original for better or worse, this reboot serves up plenty of nostalgia without finding a compelling hook of its own." Audiences, however, were more favorable, scoring it 68%.

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The "I Know What You Did Last Summer" franchise originated from Lois Duncan's 1973 suspense novel. The first film, released in 1997, was notably written by Kevin Williamson, renowned for "Scream," a film that ingeniously satirized slasher tropes. Although Duncan herself reportedly dismissed the adaptation for deviating from her novel's slow-burn mystery, the 1997 film became a hit and contributed to revitalizing the slasher genre. Following two sequels and a brief television series on Amazon Prime Video, the current film attempts to capitalize on the recent resurgence of similar horror series like "Scream."

The plot of the new film unfolds twenty-seven years after the infamous Tower Bay murders. It centers on a group of friends who, a year prior, covered up a deadly car accident in which they believed they killed someone. A vengeful, hook-wielding killer subsequently emerges, targeting them. With the police in Southport appearing resistant to investigate due to inner-city politics, the group is forced to seek assistance from the only known survivors of the original Tower Bay murders: Julie James, reprised by Jennifer Love Hewitt, and Ray Bronson, reprised by Freddie Prinze Jr.

Directed and co-written by Jennifer Kaytin Robinson, known for the 2022 teen black comedy "Do Revenge," one might expect a similar energetic tone. However, unlike "Scream," which continually reinvents slasher formulas, "I Know What You Did Last Summer" in all its incarnations, including this new one, largely adheres to the established slasher conventions, maintaining a straightforward horror tone, despite ironically giving birth to parodies like "Scary Movie." While the film features some inventive kills, skillfully utilizing a fisherman's toolkit like a speargun, moments of humor are scarce and often rely on awkward one-liners from characters like Madelyn Cline's Danica and Gabbriette Bechtel's Tyler.

Despite efforts to modernize its 90s setting with elements such as social media integration and more opulent fishing boats, the film largely feels constrained by its own intellectual property. Even a subplot involving a wealthy property developer, portrayed by Billy Campbell, who attempts to erase criminal history to boost tourism—a concept reminiscent of "Jaws"—does little to deepen the narrative. The overall piece is described as shallow, with a young cast that fails to leave a significant impression, even under the constant threat from the killer.

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Perhaps the film's only genuinely successful element is the very nostalgia it seemingly critiques, particularly throughJennifer Love Hewitt'scharacter Julie James stating, "nostalgia's overrated." The return of Hewitt and Freddie Prinze Jr. as their iconic roles of Julie and Ray is a highlight for fans. Despite their limited screen time, their characters exhibit more historical development, having been together and drifted apart, which provides a richer backstory than any of the new characters.

While the film’s absurd and twisty climax offers a sense of closure for these legacy characters, a mid-credits scene overtly suggests the possibility of further installments, prompting a meta-question about the filmmakers' true belief in the "nostalgia's overrated" sentiment. Ultimately, the new "I Know What You Did Last Summer" is a shallow offering, unable to escape the slasher tropes that have defined the genre for decades, despite its attempts at modernization and straight-faced horror without irony.