As I've said, I adored SCRE4M and I think it was almost the best they could have done with a fourth installment.
But having said that, I don't think a Scream 5 is likely and I think it's for the best. As self-aware and silly these movies are sometimes, they are still always grounded in somewhat of a meta-reality, and another series of murders would just be borderline absurd. One can only suspend disbelief to a certain extent, and Sidney being hunted for a fifth time just seems crazy to me, realllllly reaching a little too far. Even if Sidney isn't the focus, what's left to be said by a Scream film that hasn't been said? What would be the point?
I mean, Scream 4 is obviously a sequel in continuity with the original trilogy, but this movie is also as close to a remake/reboot that we're going to get for this series. It's almost like they killed 2 birds with one stone by creating a fresh take on Scream (11 years later) while also keeping it connected to the original films. I, for one, am so happy that it got made and that it turned out as good as it did, and I've been a HUGE supporter of this movie since it was announced. However, I just cannot for the life of me imagine a Scream 5 being worthy of being a part of the series.
Sorry to be a downer about the whole thing, but it's true. And with such ****** box office returns, I don't even think they are considering making a 5th at this point.