The Rise and Fall of Hollywood’s Golden Age of Streaming
Michael Fortin, once at the heart of Hollywood’s golden age of streaming, is now facing the harsh reality of being on the verge of homelessness. The actor and aerial cinematographer, who turned his hobby of flying drones into a profitable business, is now struggling to make ends meet after being evicted from his home in Huntington Beach and facing eviction from his Las Vegas apartment.
Fortin’s story is a reflection of the challenges facing many in the entertainment industry, as the aftermath of the writers’ and actors’ strikes in Hollywood has left production at a standstill. The strikes, which lasted for months, resulted in union contracts that offer more money and protections against artificial intelligence, but also led to a significant decline in production and job opportunities.
Unemployment in film and TV in the United States is at 12.5%, with many industry workers struggling to find work or make ends meet. The number of US productions during the second quarter of 2024 was down about 40% compared to the same period in 2022, signaling a significant downturn in the industry.
Experts attribute the decline to the bursting of the streaming bubble, as studios struggle to be profitable in a new world where people no longer pay for cable TV funded by commercials. The industry is also facing competition from other states and countries offering attractive tax incentives for productions, leading to a potential exodus from California.
Despite the challenges, there is optimism that production will ramp up soon, with industry leaders emphasizing the importance of creative talent in driving value and innovation. Fortin, who once thrived in the industry, remains hopeful for a comeback, but acknowledges the harsh reality of the current situation.
As Hollywood grapples with the aftermath of the strikes and the changing landscape of the entertainment industry, the future remains uncertain for many like Michael Fortin, who are struggling to find their place in a rapidly evolving industry.
