Many theorists believe it is a clip from an Alternate Reality Game (ARG) or a teaser for an internet horror series [Source: YouTube - Nexpo].
It functions as modern ghost stories, where anonymity and re-sharing create an urban legend [Source: YouTube - Nexpo].
The video typically features a distorted, low-quality figure, often accompanied by dissonant, slowed-down audio (sometimes a slowed-down version of the song "Tiptoe Through the Tulips" or similar creepy audio), creating a sense of unease or digital dread [Source: YouTube - Nexpo].