A young man is seen grooving in a nightclub when he catches sight of a man donning a leather mask. He follows the masked figure to a secluded room, where an unsettling encounter unfolds, culminating in his brutal murder by a concealed weapon. Fast forward to the summer of 1979 in Paris, Anne Parèze, a producer and director immersed in the world of gay pornography, finds herself grappling with the emotional fallout of being deserted by her girlfriend and editor, Loïs McKenna. In the midst of the turmoil, Anne’s close friend and fellow actor, Archibald Langevin, endeavors to keep the atmosphere on set conducive for the filming of Anne's upcoming project.
The tragic death of the young man, Jean-Marie Duvernet, previously known as Karl and a notable star in Anne's films, leads to an unsettling investigation by the police. In the face of the chaos, Anne seeks a new lead actor and crosses paths with Nans, a young miner who, despite identifying as heterosexual, surprisingly agrees to step into the role. Anne's determination to focus on Karl's murder prompts her to name the film "Anal Fury V."
As the film progresses, tragedy strikes yet again when Thierry, another participant in the project, meets his demise while indulging in heroin. Fear permeates the studio as the actors and crew grapple with the threat posed by the ongoing murders and the police’s inability to ensure their safety. Nevertheless, Anne's resolve remains unshakeable; she recruits four additional actors, rebranding the film to "Homocidal."
The crew wraps up filming and celebrates their hard work with a picnic in the woods. During this gathering, Anne is approached by Loïs, hoping for reconciliation, but their moment is disrupted by an unexpected storm. Meanwhile, Misia, another actor, finds herself lost in the wilderness, ultimately falling victim to the killer.
In a frenzied state, Anne confronts Loïs, resulting in an act of aggression that leaves both of them in turmoil. Following three more tragic losses within her crew, Anne desperately attempts to convince the police of the imminent danger they face, only to be met with skepticism. An officer, however, provides her with a peculiar clue: every crime scene reveals the presence of a crow feather. With this new lead, Anne ventures to a local pet shop, where she learns the feathers belong to a rare sightless crow species.
Determined to uncover the truth, Anne explores a nearby forest, encountering a grieving woman who shares the haunting tale of her son, Guy. This heartbreaking narrative reveals that Guy suffered profoundly due to the violent actions of his father after a secret affair with his friend Hicham. Sensing a connection, Anne is struck by the realization that Guy is the killer.
In a calculated move, she instructs the crew to film another scene, placing Archibald in a pivotal role. While Loïs edits footage from "Homocidal", she inadvertently captures Guy in one of the frames. Back on set, creative issues arise as the film's progress stalls, leading to impromptu improvisation that opens the door for Guy's confrontation. A gruesome sequence follows, culminating in the death of actor Luis and an attempted murder of Anne. Loïs intervenes but suffers a fatal injury in the process, dying in Anne's arms as Guy escapes.
As time passes, Anne and Nans attend the premiere of "Homocidal" at an adult theater, where an eerie encounter with Guy occurs. Following the screening, Anne comes to terms with a horrifying revelation: her films recreated the narrative of Guy's traumatic past, and he seeks vengeance against all who played a part, including Anne herself.
In a chilling climax, Guy's attempt on Nans' life is thwarted when he recognizes the eerie resemblance Nans bears to Hicham. Just then, Anne intervenes, leading to a frantic standoff that ends with Guy taking a hostage and fleeing to another screening, where the audience retaliates against his threats, resulting in his demise. The tale concludes with Anne reflecting on Guy and Hicham's tragic love story, interwoven with the legend of a blind crow who resurrected the disfigured Guy post-tragedy. This complex web of emotions and horror allows Anne to finish her latest film and find peace with the spirit of Loïs.
