Banshee Chapter

 Inspired by an investigation of the old CIA MKUltra experiments, two young men disappear while one of them tries DMT-19, the drug used in the trials. Because they did it for science, some footage remains of the event; It shows the kids getting more and more spooked until the downstair radio starts emitting calliope music and then tunes into a numbers station. Then something mysterious happens and the video turns into a jumble of botched camera angles, white noise, and this lovely image:

 Anne (Katia Winter), a journalist who used to be best friends in university with the missing kid decides to investigate the disappearance some unspecified time later. Connecting the dots eventually leads her to a weirdo out in the desert (very clearly modelled on Hunter Thompson, and played by Ted Levine) who helps her hook up with some DMT-19 and provides some sorely needed energy to the proceeds. From Beyond gets explicitly name-checked as the duo are hounded by strange presences who are drawn, along with a transmission from the mysterious numbers station, to people who consume the drug.

 Banshee Chapter skirts the line between found footage and more a traditionally shot horror movie. Most of the exposition is handled as in-universe footage, but Anna's exploits are filmed with non-diegetic cameras, albeit in a handheld style that's consistent with the rest of the movie. It's a little messier than that, though - some of Anna's exploits are shown through in-universe cameras, as well.
 I wonder if the intention was to shoot it all as found footage, but they couldn't work out how to do it. As things stand, director Blair Erikson makes it work - it's a fairly good-looking indie horror movie.

 He's unfortunately not that successful with his script (based on an idea by Daniel J. Healy). The mystery is compelling, and there are a couple of very well-crafted set pieces that slowly ratchet tension until they're capped by an inevitable (but effective) jump-scare. But the resolution feels a bit rushed, and the events and the intriguing blend of elements leading up to it never really come together into a coherent, satisfying narrative. The movie is slightly less than the sum of its parts.

 Still, those are some pretty good parts. The jump scares are a little formulaic but the film works hard to make sure they're earned, and they're very well executed when they come. The (modest) effects are fine, Erikson has a pretty good handle on atmosphere, and the acting is enjoyable: Anna's got some good chemistry with Levine, and their rapport heightens what could otherwise have been a pretty dry movie.

 It's not perfect, but it's interesting, and better yet, kind of scary. Success on any of those two fronts is usually enough for me to enjoy something, so I'm not going to look askance at something that succeeds at both. I found out about this one while reading up on Miskatonic U; Happy to say something good came out from that debacle.