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I also had to modify my main urls.py to serve media files:
urlpatterns = [
url(r'^homepage/', include('homepage.urls')),
url(r'^login/', views.login, {'template_name': 'login.html'}, name='login'),
url(r'^register/', include('register.urls')),
url(r'^admin/', admin.site.urls),
] + static(settings.MEDIA_URL, document_root=settings.MEDIA_ROOT) # For serving media files on development server
Source:stackexchange.com