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CineFix offers up their own answer to this question in the video below:
Horror isn't a genre that is very highly regarded in the film industry. Like comedies, horror films are often treated as second-class cinematic citizens, while the other "legitimate" genres, namely drama, bask in the warm glow of their Best Picture Oscar statuettes. In fact, only one film from the genre has ever nabbed the coveted honor and that was Silence of the Lambs in 1991 (though, I think that flick was a bit of a genre-bender).