After the arrival of talkies, a declining star produces another silent film to prove his pride, while the rising career of an actress he loves keep them apart
My take (but I think it’s clunky):
When the talkies arrive, a proud star’s career sinks as he persists in making silent films while the career of his protege/girlfriend soars with sound.
Specifically, the silent star’s objective goal is to make another silent movie even though everyone else has embraced talkies. Artistically it may the right goal for him because he doesn’t think he can make a go of it in talkies. (This is an echo of actual film history when many silent star’s careers ended because they just didn’t have the voice to make the transition to talkies.)
So, in the 1st half of the 2nd Act he finances another silent film out of his own pocket. But financially, of course, it’s the wrong objective goal. The movie bombs (midpoint reversal) and in the 2nd half he loses everything and is abandoned by everyone while the love interest’s career soars higher and higher.
BTW: that’s how the systole and diastole of drama beats: if the protagonist achieves his objective goal by the midpont, then it’s a “false victory” and/ or the wrong goal.