Fyre festival 2
Introduction
Fyre festival event was as a result of a plan rapper Ja Rule and McFarland plan to organize the most exclusive and expensive sports event that had never happened or occurred in the whole world. The festival was planned to take place in the Bahamas over the weekends, and that why it was named Fyre festival. Rae Sremmurd, Major, Lazer, Disclosure, Skepta, Migos, among others, were the organizers of the sports event. It was part of the promotion of the event and was more specifically designed to attract participants of the festival on the island. Additionally, famous celebrities were also invited so as to promote the festival. Emily Ratajkowski, Bella Hadid, and also Kendall Jenner were the promoters of the Fyre Festival. The event was to take place in Bahama on an island the once belonged to Escobar Pablo.
Schedule and cost of the event
The festival was scheduled to take place over two weekends, April 28-30 and also May 5-7 in 2007. The exclusiveness and the cost of the event were clearly reflected in ticket prices. For such luxuries and attraction as, for instance, yachts, special and unique hotel rooms, as well as high-quality food, tickets were sold between $1.5 to $ 12 thousand (Gaca 09). However, some unofficial messages suggest the highest ticket price was $250, 000 thousand dollars.
Section II: financial implications
Sources of revenue
The festival was launched in the Bahamas as a venture or a strategy that will, in return, help promote Fyre Media app. McFarland solicited investors to finance the organization of the event. He convinced the investors by lying to them the amount of money he had to organize the festival and also by telling the investors that the worthiness of the Fyre Media was over $ 90 million dollars. Also, McFarland claimed that he had $40 million from selling Magnises, but that was also a lie (Gaca 12). In addition, he convinced investors by promising them the right for payout incase the festival was canceled or failed despite the fact he had not secured a cancellation insurance policy.
Contracts and vendors also financed the organization of the festival. McFarland underestimated the time and the cost it will take to completely organize the event. He convinced them that the festival would measure up to the scale expected or promised by the glossy Fyre Festival (Huddleston). Despite been warned that it can take even a year to organize and plan for such an event, he went ahead to fully steam his plan in a duration of one month.
Fixed and or variable expenses
Based on the festival promotions, the variable expenses include the cost of tickets. Day tickets were sold between US$ 500 and US$1,5OO and also the VIP packages such as luxury tents for accommodation and airfare for US$ 12,000 (Huddleston). Also, fixed expenses, the organization of the event were payments that paid to promoters and organizers of the event.
Section III: marketing sponsorship and promotion
There were various strategies that were used for marketing the sporting event. Supermodels such as Emily Ratajkowski and Bela Hadid, Allesandra Ambrosio, among other models, were paid for the promotional purpose of the festival event. Such celebrities went to the Bahamas for a promotional photoshoot that that would frame Fyre Festival as the most exclusive and expensive sports event McFarland wanted potential participants or potential attendees to perceive the expensiveness and luxury of the festival. In addition, Fyre Media also paid numerous influencers and celebrities so as to tout the Fyre Festival in their social media accounts (Kozanecka 13). Lastly, marketing of the festival was also done through paying a reporter over $250, 000 dollars to post the festival in his account that had over 10 million followers.
Event sponsors, promotors and influencers
Fyre Media sponsored the event by paying celebrities, influencers, and even reporters to post the festival in the social media accounts to attract prospective attendees. The promoters of the festival were the numerous celebrities who were paid so as to promote the festival through photo shooting (Kozanecka 15). The influencers of the social media include celebrities, reporters in addition to people who were paid to post the festival in their social media accounts
Section Iv: reflection
The most interesting thing part of the festival is how numerous celebrities were paid to promote the festival through various aspects. Some were paid to take photoshoot so as to depict the exact picture of what McFarland wanted prospective participants to perceive what the festival would be like. In addition, it is interesting how McFarland managed to convince sponsors of the festival to fully support the organization of the event through a series of lies (Thompson 28). Lastly, it is also interesting on Fyre Media a large percentage of attendees were convinced that the festival would be an exclusive and expensive one.
The outcome of the event
The festival failed at the end. This was a result of various reasons, such as limited time to plan for the festival of which it could have taken even a year to organize. The festival also failed because McFarland was confident that such an event can even be planned in a month and ignored many aspects of planning and strategizing the perfect and appropriate method of doing so (Thompson 32). Lastly, I can be assumed that there was inadequate money or sponsorship of the festival since McFarland lied that he had on enough money from selling Magnise and the worthiness of the Fyre Media.
Precautions and additions thoughts
It would be wise for people in the future to take their time when planning for big events. Further, listening to advice from other people on how to plan for such big sports events is also important since other people might have a better experience in the field (Thompson 35). Finally, Fyre Festival could have been a festival of its own to happen in the world if it planned well.