What lessons are to be learned through the documentaries recently released about the doomed Fyre Festival?
From the planners’ point of view, SHW event managers say, there were so many warning flags predicting disaster from the event’s beginnings. All the warnings are discussed in both Netflix’s “Fyre” and Hulu’s “Fyre Fraud.”
Fyre Festival was the brainchild of New York entrepreneur Billy McFarland and rapper Ja Rule. The pair set out in mid-2016 to produce a luxury music festival weekend, attracting moneyed millennials to an event so exclusive it would make Coachella look like child’s play. Originally envisioned to occur on a private island (even though a local warned them it wouldn’t be possible), the festival had to move to another island. And that’s just one problem.
Media reviews of the documentaries focus largely on the ethics of the organizers, the effect of greed on our society, and the power of social media and FOMO. Here, we look at the planning matters that were alarming.
Here are the team’s top recommendations for avoiding a Fyre Festival Fiasco:
Have a budget. According to the films, there was an idea and marketing started immediately. Fyre organizers spent millions on filming, hiring supermodels, and engaging media influencers to create a public vision. Billy kept saying the money would come. It didn’t.
For ticketed events, Natalee Giamalis, CMP, says creating a budget is a simple exercise.
Research the market on what you can charge for tickets.
Determine the expected number of attendees, based on venue size, brand loyalty, etc.
Multiply the ticket price by the number of attendees: There’s your overall budget.