The story is your typical horror movie setup: four college students investigate a series of Internet reaction videos originating from the so-called Deep Web (an interesting concept which is sadly not explored enough), ultimately coming across a curse dating back to colonial times, manifested as a skeletal wraith which starts hunting them down.
The handheld camera format and the fact that a chunk of the film is set at a graveyard will probably bring to mind 2013's box office smash Cementerio General, which has become a sort of blueprint for Peruvian horror; but those are the only similarities. In his first horror outing, Schuldt directs with the confidence of someone who's been making ghost stories for years. He milks all possible tension out of the previously mentioned cemetery, a creepy and foreboding place one would never want to set foot in; those stretches, with the students running around tombstones and crypts, are this movie's most effective. Schuldt effectively maintains a constant aura of dread, sometimes going overboard - even an ordinary college library is treated as a house of horrors.
The largely unknown cast also commits fully to the movie. In truth, they're only asked to act scared, but they're convincing in their horrified reactions. The creature is an obvious CGI creation, but in the grand tradition of suggesting rather than showing, Schuldt keeps most of its appearances to short, quick jolts.
This is also the first Peruvian horror film to be filmed in 3D, a gimmick which more often than not is just an excuse for inflated ticket prices and eye strain. It's surprisingly well done, both in throwing things in the audience's face and in maintaining its spooky atmosphere, and never once feels like a distraction.
Seasoned horror fans will find nothing new here, being able to guess most of the plot beats; but then again, Peruvian directors are just starting to try their hand at a genre which has been around for a long while. As more of them attempt to scare audiences, they'll hopefully improve on what came before. With its effective creepy atmosphere and solid use of an often-maligned gimmick, La Entidad is a good step in the right direction.