The once-thriving Hollywood industry, driven by the golden age of streaming, is facing a significant downturn. Michael Fortin, an aerial cinematographer and former actor, embodies the struggles of many in the industry. Once flying high with a profitable drone business and providing aerial shots for hit movies and TV shows on Netflix, Amazon, and Disney, Fortin now finds himself on the brink of homelessness. After being evicted from his Huntington Beach home, Fortin and his family relocated to Las Vegas, but rising costs and the slowdown in the industry are forcing them out again.

For over a decade, Hollywood saw a boom, with studios trying to keep pace with streaming giants like Netflix and Hulu. But that growth came to an abrupt halt in May 2023 when Hollywood’s writers went on strike, followed by an unprecedented joint strike of both writers and actors. The shutdown of Hollywood production lasted for months, and despite the strikes ending, the anticipated recovery has yet to materialize.

The aftermath of the strikes has left projects canceled and productions scaled back, with many studios, including Paramount, laying off employees as they face financial challenges. The film and TV unemployment rate in the U.S. spiked to 12.5% in August, but industry insiders believe the true numbers are likely higher, as many workers are ineligible for unemployment benefits or have exhausted them after months of inactivity.

The number of U.S. productions in the second quarter of 2024 dropped by 40% compared to 2022, while global production decreased by 20%, according to ProdPro. This slump has led to fewer new movies and TV shows, frustrating audiences and creating uncertainty for the future of Hollywood content.

Experts warn that the streaming boom, fueled by Wall Street investment and record growth for platforms like Netflix, was unsustainable. As stock prices for major studios like Paramount soared, they overproduced content, leading to an oversaturation of the market. Now, with streaming companies struggling to reach profitability, the industry faces an uncertain future.

In addition to financial struggles, some film productions are being lured away from California to other states and countries offering more attractive tax incentives. Mayor Karen Bass of Los Angeles recently formed a task force to explore ways to bring more production back to Hollywood and preserve the city’s vital entertainment industry, which contributes over $115 billion annually to the region’s economy.

While the writers’ and actors’ strikes led to new union contracts that provide better pay and protections against artificial intelligence, Hollywood’s future remains uncertain. Duncan Crabtree-Ireland, chief negotiator for the Screen Actors Guild, remains optimistic, believing that consolidation in the industry is inevitable and production will eventually ramp up again. However, he acknowledges that the industry is constantly evolving and adapting to technological changes, a challenge that has long been part of Hollywood’s resilience.

For Michael Fortin, the rapid decline of his drone business serves as a stark reminder of the volatility of the entertainment industry. He has only flown drones for 22 days this year and worked just 10 days as an actor. Despite occasional work, like a recent gig on the AppleTV+ show Platonic, the future is uncertain.

Fortin, who once saw Hollywood as a source of opportunity, now feels that the industry has turned its back on many, including himself. As he fights eviction and struggles to stay afloat, his story reflects the broader challenges faced by those in the entertainment world as Hollywood grapples with the aftermath of the streaming bubble burst.