I thought it was going to end multiple times thinking, "wow, that was it?" But the movie would keep going on and on slowly getting more gruesome, sexualized, drug induced, and devoid of purpose. You could delete 30 minutes of the runtime and lose nothing important.
They end it by killing off most main characters from suicide or drug overdose. They try to change the focus off of the characters we have been following for 3 hours to say: "Isn't the film industry cool? Look at all these future films people in the past made possible!"
The entire 3 hours of buildup focused on the characters livelihood and growth mean nothing by the end. The main character doesn't work in the film industry very long so his impact on future films was basically meaningless. He accomplished nothing, loses everything, and sits in a theater alone crying as he's trying to reminisce the days when he thought he made it big.
I know I trashed on the film a lot, but there were also genuinely very good scenes in this that had me laughing. When they weren't trying to be over the top for shock value, there were moments that I saw brilliance & a true masterpiece hidden underneath a pile of trash.