Miami night club news from the source

Fyre Festival

A frank discussion about night clubs, bars, music festivals, art events, and lounges.

Moderator: pod

Postby Cool1g on 02 May 2017 13:00

Re: Fyre Festival

TechJunkie wrote:The whole thing was a failed publicity stunt for a tech startup with a talent booking SaaS app? I had no idea...


Yeah I was reading the deck and I was like wait this is for a festival??? lol
Cool1g
 
Posts: 965
Joined: 19 Mar 2008 16:14


Share On:

Share on Facebook FacebookShare on Twitter TwitterShare on Orkut OrkutShare on Reddit RedditShare on VK VKShare on Tumblr TumblrShare on Google+ Google+

Postby benm3 on 03 May 2017 00:59

Re: Fyre Festival

I know little about the industry, but I really don't see how you can appify the complex experience of booking the most in-demand artists on the planet.

It is like trying to make an app for hiring an A or B-list celeb for even a small part in your movie. There is no way that process is going to be simplified into a "BOOK NOW FOR $$ on XX DATE " in order to have an app bring value to the process.

I just realized that someone is probably actually making a go at that with an app already, actually I bet there are a half dozen startups trying to do it, but I digress...

Smaller bands and local acts? Sure. But then there is no money in that, nor is it sexy.

I have no problem giving someone credit for launching something that doesn't make sense to me at first but then affords a pivot to another more realistic market, but the problem with these guys is their Fyre festival event genuinely fucked over a lot of people.

When your app doesn't do what people expect it to, the worst that usually happens is a poor app review rating, but in 99.9% of cases, nothing at all. Setting up a big festival and screwing it up? You are really fucking with people's lives (ok, in this case it happened to be rich Instagram kid lives, but still...)

And on their pitch deck... I have one to put together myself, but the last word I would ever use is "DISRUPT." What is this, 2007? How the fuck that has not been retired from the startup lexicon yet is beyond me.
benm3
 
Posts: 1006
Joined: 23 Apr 2009 00:50
Location: Miami Beach, FL

Postby TechJunkie on 03 May 2017 07:32

Re: Fyre Festival

benm3 wrote:I know little about the industry, but I really don't see how you can appify the complex experience of booking the most in-demand artists on the planet.


I'm building the same app basically, but as an internal tool for people who already know how to book those artists and already have their own connections. Not as an Uber for random strangers to book the Chainsmokers.
User avatar
TechJunkie
Chief Quartermaster Officer
 
Posts: 15172
Joined: 14 Dec 2007 16:57
Location: 420 Lincoln Rd
I had a dream last night I was piloting a plane
and all the passengers were drunk and insane.

Postby Kamen on 04 May 2017 02:25

Re: Fyre Festival

Second class action suit targets the "models" and "influencers" who promoted the festival.

A second lawsuit against the Fyre Festival could be a warning for the growing industry of "grassroots" social media marketing. A putative class action suit filed yesterday in Los Angeles Superior Court on behalf of three festival attendees names the organizers of the festival as well as 100 unknown (Jane) "Does," the "influencers" that made up Fyre's marketing keystone.


It accuses Fyre Media, festival co-founder Billy McFarland, co-founder and rapper Ja Rule and those 100 Does with negligent misrepresentation, fraud, breach of contract for failing to "provide the festival experience as promised" and for "misrepresentations" that caused people to purchase tickets. "Without the widespread and uniform dissemination of the false promise," people would not have purchased tickets, the complaint reads.


http://www.npr.org/sections/therecord/2017/05/03/526758059/a-second-lawsuit-against-fyre-festival-also-targets-its-tribe-of-influencers

Those models are in some seriously deep shit. It costs a fortune just to defend a class action suit. I doubt if most of those girls have liability insurance that will cover this. Plus, most people are sick of all those Instagram models/porta-potties and a jury will probably love driving them into bankruptcy when they see those marketing materials.

I suspect a RICO case could be next.
Kamen
 
Posts: 1753
Joined: 16 Feb 2008 20:36

Postby Cool1g on 04 May 2017 02:31

Re: Fyre Festival

none of this is surprising in this article after what went down last weekend:

https://news.vice.com/story/fyre-fest-o ... and-yachts
Cool1g
 
Posts: 965
Joined: 19 Mar 2008 16:14

Postby coach on 04 May 2017 16:14

Re: Fyre Festival


A FORTY-THREE page deck??? Shit, I tried to make one that was just like 20 pages and every advisor I have ripped me to shreds for making it so long. It's now like 12 pages. Still too long most people say.

So they expected 40,000 people at at least $1,000 each. That's at least a budget of $40,000,000... FORTY MILLION. So, I'm guessing the big failure in all of this is lack of ticket sales. Did they really have 40,000 tickets sold? Hell, I'm a festival fan AND a social media addict and I never heard about it.

Page 29 is literally the BEST! Look, we have zig-zaggy arrows! How smart we are!

"Financials - See Appendix" *looks for appendix*
coach
 
Posts: 13276
Joined: 05 Oct 2007 12:52
Location: you have to ask
Purpose of your visit?: Get real
What do you do?

Postby coach on 04 May 2017 16:17

Re: Fyre Festival

Anyway, get your tickets for 2018 now! They are almost sold out!

Good News, Ja Rule: 81% of Fyre Festival 2018 Tickets Are Sold Out!

http://www.digitalmusicnews.com/2017/05 ... ival-2018/

That means they have already sold 32,400 tickets and have at least $32mm IN POCKET right now. So next year is definitely going to be great! Really!
coach
 
Posts: 13276
Joined: 05 Oct 2007 12:52
Location: you have to ask
Purpose of your visit?: Get real
What do you do?

Postby TechJunkie on 04 May 2017 19:07

Re: Fyre Festival

coach wrote:

A FORTY-THREE page deck??? Shit, I tried to make one that was just like 20 pages and every advisor I have ripped me to shreds for making it so long. It's now like 12 pages. Still too long most people say.


Depends on the context. I'll sit through a 40-page presentation from a consultant I've hired. Somebody pitching an idea gets about five pages.

The way that festivals work is that you lose money in the first year, and if you're lucky then you make a tiny profit in your second year. Overall it's a risky adventure. If the Fyre organizers were under the impression that they would make a profit in their first year then that was their first and most tragic mistake. If you're not willing to lose money on the first year then you don't belong in the festival business.
User avatar
TechJunkie
Chief Quartermaster Officer
 
Posts: 15172
Joined: 14 Dec 2007 16:57
Location: 420 Lincoln Rd
I had a dream last night I was piloting a plane
and all the passengers were drunk and insane.

Postby benm3 on 05 May 2017 01:49

Re: Fyre Festival

coach wrote:

A FORTY-THREE page deck??? Shit, I tried to make one that was just like 20 pages and every advisor I have ripped me to shreds for making it so long. It's now like 12 pages. Still too long most people say.

So they expected 40,000 people at at least $1,000 each. That's at least a budget of $40,000,000... FORTY MILLION. So, I'm guessing the big failure in all of this is lack of ticket sales. Did they really have 40,000 tickets sold? Hell, I'm a festival fan AND a social media addict and I never heard about it.

Page 29 is literally the BEST! Look, we have zig-zaggy arrows! How smart we are!

"Financials - See Appendix" *looks for appendix*


In their defense and comparing it with a pitch for creating a startup, their Fyre app content only consists of 5 pages, excluding the cover page and little NDA snippet. The rest is all Fyre Festival related. If you wrap in the other bits of overlap with the festival like their current employees, it's still not that much extra.

It isn't too bad and looks like someone with some Illustrator experience put it together (I intend on doing the same thing and not just going the PPT route).

Slide 29 is particularly bad with a grammatical error - not something you want in what appears to be a polished presentation. My guess is we weren't looking at a finalized copy. Using the word "ideate" is also bizarre and only something I'd accept from someone if English wasn't their first language.

As to the festival, you can look at the number of people who were listed as 'Going' on their Facebook events -- when I looked, both weekends were only in the hundreds.
benm3
 
Posts: 1006
Joined: 23 Apr 2009 00:50
Location: Miami Beach, FL

Postby pod on 05 May 2017 06:41

Re: Fyre Festival

Too many of these...

Image

Do it in Quark. Because.
User avatar
pod
Kaptain Kook
 
Posts: 38708
Joined: 14 Dec 2007 17:35
Location: miami
Founder of the Minton Yacht Club.

Раз, два, три!

PreviousNext

Return to talk about Nightlife

Who is online

Users browsing this forum: MAGA Bot [Bot] and 3 guests


cron