Michael Fortin once thrived at the heart of Hollywood’s golden age of streaming, transforming his passion for flying drones into a successful business in 2012. For a decade, he captured stunning aerial shots for major films and TV shows on platforms like Netflix, Amazon, and Disney. Now, however, Fortin is on the brink of homelessness again, having been evicted from his Huntington Beach home and facing eviction from his Las Vegas apartment due to financial strain.
“We were saving to buy a house, we had money, we did things the right way,” Fortin recalls. “Two years ago, I didn’t worry about spending $200 on dinner with my family. Now, I fret over $5 for a value meal at McDonald’s.”
For over ten years, Hollywood’s production scene flourished as studios competed with newcomers like Netflix and Hulu. However, everything changed in May 2023 when the writers’ strike shut down production for the first time since the 1960s, eventually leading to a joint strike with actors. Instead of rebounding post-strike, the industry has seen a significant downturn, with projects cancelled and layoffs, including a recent round at Paramount that cut 15% of its workforce in preparation for a merger.
As of August, unemployment in the film and TV sector reached 12.5%, but many believe this figure underestimates the crisis, as numerous workers are either ineligible for benefits or have exhausted their claims after prolonged unemployment. In the second quarter of 2024, U.S. productions plummeted by approximately 40% compared to the same period in 2022, while global production declined by 20%.
Experts contend that the streaming boom was unsustainable, with studios grappling to find profitability without traditional cable revenue. “The air has come out of the content bubble,” says Matthew Belloni, founder of Puck News, reflecting a sentiment of crisis within the industry.
The boom was largely driven by Wall Street, as tech giants and studios experienced rapid growth. However, this led to an oversaturation of scripted content—at one point, there were 600 scripted live-action series airing—until stock prices began to fall, forcing companies to reconsider their strategies.
Additionally, some productions are moving away from California due to attractive tax incentives offered by other states and countries. In response, Los Angeles Mayor Karen Bass has created a task force to explore new incentives to keep film production in the region, acknowledging the entertainment industry’s vital role in the local economy, contributing over $115 billion annually and supporting over 681,000 jobs.
The recent strikes resulted in new contracts for writers and actors, providing increased compensation and protections against artificial intelligence. Duncan Crabtree-Ireland, chief negotiator for the Screen Actors Guild, remains optimistic about a production rebound. “Hollywood always thinks it’s in crisis,” he states, emphasizing the industry’s resilience in the face of technological change.
For Fortin, the reality is stark. His drone company, which once operated nearly daily, has only seen him fly for 22 days since the strikes ended. His acting work has dwindled to just 10 days, and he struggles to cover travel costs to Los Angeles. After a recent job on the AppleTV+ show Platonic, he reflected on his journey: “It was a great wave, and it crashed. Hollywood gave me everything, but it feels like the industry has turned its back on lots of people, not just me.”
