Refers to a very low-budgeted, independently-made, non-union, less than B-film grade movie, usually with first-time director and actors; often quickly-made for the teenaged youth market and amateurish-looking, but with campy appeal; with exploitational subject matter that includes surfing films, motorcycle flicks, cheap horror films, etc.; Z-films become prime candidates for cult film status.
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YouTube! Haha! My favorite Z movies are always the ones that now famous directors show sometimes as special features, like Spielberg's movies he made as a kid. Just goes to show, no filmmaking is ever a waste of time, not even the most amateur efforts, they ALL lead to something, whether it's creative fulfillment or putting a foot on the road to legitimate filmmaking as a career.