In the sleepless hours before dawn, film student Muta races to finish their thesis on how technology reshapes horror's power to terrify. But when Renewal University's electricity and communication modes with the outside word fail, their research gains urgency. Friends go silent. Every surviving camera captures evidence both real and impossible, in equal measure. Through narrative, chat logs, and found footage, Thesis presents a social experiment: media rewriting, not reflecting, reality. As Muta's obsession with recording the truth deepens and the campus unravels around them, they throw themselves into dual roles: impartial observer and passionate fan. Their work, once an academic exercise, evolves into a test of their journalistic principles, genre savviness, and willingness to break every rule to uphold both.