Fyre: A Cautionary Tale
The complexity and skill involved in successfully mounting a large scale event is often underestimated, which can occasionally have consequences seen the world over. Take the now infamous “Fyre Festival” that American entrepreneur, Billy MacFarland attempted to launch in 2017.
This story has now been recounted in multiple documentaries, available via streaming services including Netflix and Amazon, and was a memorable example of the disastrous effects that can be brought about by cutting corners.
CNBC reports that McFarland’s festival in the Bahamas was devised as “a splashy venture to help promote the Fyre Media app”. However, the event was a well-publicised disaster with headliner and business partner Ja Rule dropping out before the festival began.
In the following months, it emerged that McFarland had ignored warnings from vendors and contractors that “it would take over a year to plan and execute Fyre Festival” instead deciding “to go full steam ahead on his plan to pull off the event in a matter of months.”
This story took a more serious turn as it became clear to the Justice Department that McFarland “lied to investors” informing them “they would have the right to a payout should the festival be cancelled, when in fact he’d secured no cancellation insurance policies”.
Ultimately, CNBC reports that the “failure of Fyre Festival and McFarland’s misrepresentation of Fyre Media” and details of his proposed festival cost “McFarland’s investors… more than $26 million”.https://marketbusinessnews.com/failure-professionally-plan-event/212272/