The new ending of the game shows Slender Man taking the victim regardless of collecting all eight pages and the screen goes static and then dark, like before. However, now the victim will come to and it'll be daylight out, but they're still trapped in the woods. The character is caught in an endless time loop and is the one leaving behind the pages, him/herself. This also explains why the pages randomly spawn.
- The new Daylight mode certainly helps to reinforce this.
In earlier versions of the game, the window would close if you were caught by Slenderman. If Slenderman appears in the character's vision, then the screen starts to become fuzzy. That's not the character's vision blurring – It's your computer. Finally, if you are caught, the screen goes black and Slenderman appears on the screen looking directly at you!
The new ending shows that the Slender Man doesn't physically harm the Player Character if she gets all eight pages, and the above theory hints that she's locked in a never-ending cycle. Why would the Slender Man do such a thing to her? Because from his point of view, he's simply playing a game with his little friend! As the song ends, it says that Slendy is taking her to a place where "[their] fun will never end." This is indeed a game that never ends, and like in the song, he cheats at it. Being a child would also be a good explanation for why the Player Character has pretty poor stamina. However, given the appearance of the pages, the protagonist probably no longer thinks her "newest best friend" is as benign as she originally thought.
- Alternatively, the Player Character is the girl in this picture◊. Young female protagonist? Check. Wandering around in the middle of the woods for some reason? Check. Carrying only a flashlight? Check. Being stalked closely by a Humanoid Abomination and completely unaware that it's right behind her? Oh yeah!
- Don't forget about Trendy!
- Or the Rake...on second thought, lets hope not.
- It's doubtful we'll ever encounter the Hoody or the Masky in this game series...but the trailer for The Arrival has shown the Player Character being chased by a hooded masked man.
The fence and the eight pages are what he uses to mark his territory. From his perspective, you climbing over the fence is rude enough, but taking the pages is downright criminal, especially when one of them outright spells out "Leave me alone".