Totally reminds me of 2019's Scary Stories to Tell in the Dark. Similar ethos.
I also loved its being set in 1978 and seeing a "Thunder Road" bicycle. I had that!
Based upon a short story by Stephen King's eldest son, Joe Hill, The Black Phone is clever and, frankly, not so much a horror story, per se, as it is a survival (or not) tale.
I only wish the film had run longer.
At 01:47:00, it could have benefited from another half-hour or so, so we could enjoy more background, character development, and back-end drama.
Nonetheless, it's one heckuva good time. I give it two thumbs up!