My lexicon regarding music is quite dull, so I'll try to express my self articulately regarding the matter...
For it to be "horror",
you have to set a mood; a slow pacing lone instrument; or at least aspiring for minimum instruments. An adagio which carries the plot with it, the feeling of the characters and or the world; which is why most horror themes are minimalistic; to assert the loneliness, pain and terror the protagonist(
Amnesia) / antagonist(FEAR) feels.
What you have here, is a fresh beat which apparently utilizes some old hardware to accommodate the poppy tune..
For a theme, I think it is way to vivid; it would
fit pretty well for a chasing scene, or a tune for a scare event to assure confusion with such lush and full body. But for a theme? I don't feel it. =|
Note : In modern "horror / terror"; what I said is most likely true (my own opinion), in oldschool def of the genre, it would definitely be a theme, or at least more likely. Oldschool "horror" is more like "Walk around and shoot everything"; so anything which attempts to insert adrenaline in your pumps 100% of the time playing, oldschool takes the bite.
Again, it's a good tune; but it feels too confusing and full to be horror under my take.