The driving force behind Hollywood’s heyday of streaming was Michael Fortin.
The actor and aerial cinematographer made a successful career out of flying drones in 2012, right about the time the streaming wars were getting serious. He created stylish aerial views for films and TV series on Netflix, Amazon, and Disney for ten years while soaring high above movie sets.
He is currently in danger of losing his home once more. They could no longer afford to live in Southern California, so they went to an apartment in Las Vegas, from which he was evicted from the Huntington Beach house he lived with his wife and two small children.
He claims, “We had money, we had done things the right way, and we were saving to buy a house.” “I didn’t worry about spending $200 on a dinner with my wife and kids two years ago.”
“Now my concern is going out and spending $5 on a McDonald’s value meal.”
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Hollywood saw a surge in business for more than ten years, with studios racing to keep up with upstarts like Netflix and Hulu. However, the good times came to an end in May 2023 due to a walkout by Hollywood authors.
For the first time since the 1960s, writers and actors went on strike for many months, essentially stopping all Hollywood production. However, in the year since the strikes ended, production has stalled rather than booming again.
Numerous studios have laid off employees, most recently Paramount, and projects have been canceled and production has been halted around the city as jobs have dried up. This week saw a second round of layoffs as the legendary film studio prepares to combine with the production business Skydance by laying off 15% of its staff.
August unemployment rates for the film and television industries in the US were 12.5%, although many believe that these figures are actually much higher because many film workers either do not apply for unemployment benefits because they are ineligible or have used them up after months of unemployed.
When compared to the same period in 2022, the total number of US productions during the second quarter of 2024 was approximately 40% lower. The global reduction in TV and film productions during that time was 20%, according to ProdPro.
For us, that means fewer new films and television series to binge watch.
Experts, however, assert that the streaming boom was unsustainable. Furthermore, in a world where people no longer pay for cable TV that is financed by advertisements, studios are attempting to figure out how to remain viable.
Matthew Belloni, the creator of Puck News, a publication that covers the entertainment sector, claims that the “content bubble” has burst. It’s a good word, crisis. People are feeling like they are in a crisis, though I try not to sound alarmist.”
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Wall Street played a role in the boom, as digital behemoths like Netflix had record growth and film studios like Paramount witnessed a spike in share prices as a result of introducing their own streaming service offerings.
The content market overheated as a result. A few years ago, there were 600 scripted live action series on television, but the stock market no longer supported that, according to Mr. Belloni. “All the other companies crumbled, along with Netflix. Since then, Netflix has bounced back, but the others are having a lot of difficulty turning a profit.
In addition to the streaming bubble popping, other productions are being drawn out of California by alluring tax breaks offered by other states and nations. Mayor Karen Bass of Los Angeles established a task committee this month to explore new incentives for Hollywood film production because officials there are so worried about the slowdown.
When introducing the plan, Bass stated, “The entertainment industry is critical to the economic vitality of the Los Angeles region,” describing it as the “cornerstone” of the city’s economy and the source of hundreds of thousands of employment.
According to recent figures, the entertainment sector employs over 681,000 people and boosts the local economy by over $115 billion (£86 billion) yearly, according to the mayor.
Month-long strikes by authors and actors led to union contracts that provide greater pay and safeguards against artificial intelligence.
Hollywood was bound to consolidate to some extent, according to Screen Actors Guild union chief negotiator Duncan Crabtree-Ireland, who made this statement to the BBC. He expresses optimism that production will soon pick up speed.
While addressing a picket line outside a Disney office in September, he stated, “What makes these companies special, what gives them their unique ability to create value is their relationship with creative talent.” At the time, voice actors from video games were on strike and demanding similar privileges.
He claims that Hollywood “always thinks it’s in crisis.” Part of the allure of this town is that it is always at the forefront of technical innovation and transformation of all kinds. Everyone realizing that things don’t always have to be the way they are helps to keep content interesting.
Before the strikes, Mr. Fortin’s drone business was in operation almost every day. Only 22 days remain in the year since the end of the strikes for him to fly the drones. Furthermore, he has only worked for ten days as an actor (he frequently plays strong characters). He used to make ends meet as a background actor, but the pay is so meager that it doesn’t even cover the cost of gas to drive from Las Vegas to Los Angeles.
After a day of flying his drones for the first time since April on the AppleTV+ program Platonic, Mr. Fortin remarked, “It was a great wave, and it crashed.”
He remarks in his van, “Things are coming in little by little,” before returning to Las Vegas for his eviction order hearing.
He claims, “Hollywood gave me everything.” “But it seems like a lot of people, not just me, have been abandoned by the industry.”
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