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No one knows for sure what exists in the signal. Although many people have heard newscasts(possibly about murder or terrorism) and have seen faces and woodlike structures within the transmission of the signal. Some people also believe that the signal is the 70's style opening sequence of the movie, shown on Ben's tv in the beginning, that has been scrambled. The scrambled version of the broadcast has created a superfear of paranoia that subliminally enters the mind and makes a person think everyone is out to get them. The only problem with this theory is that not everyone was tuned into the same channel that was on Ben's tv.
According to the ending credits, Transmission 1 "Crazy in Love" was directed by David Bruckner. Transmission 2 "The Jealousy Monster" was directed by Jacob Gentry and Transmission 3 "Escape from Terminus" was directed by Dan Bush.
The signal created hallucinations, created a defected perception of danger, and rewrote parts of a person's memory to a negative effect. Hallucinations include anything to do with paranoia, such as seeing someone with a weapon, or hearing someone threaten you, while in reality that wasn't happening. As said by Ben, it was a "trick" to create chaos and create extreme fear and paranoia for most people with prolongued exposure to the signal.
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