Unless you've been living your life off of social media you may have never heard of the disaster, Lord Of The Flies esque music festival known as Fyre. The Fyre Festival promised private cabanas, top notch musical artists and supermodels left and right. What people got were disaster tents, no food or water, and zero entertainment. All in all, it was a complete disaster. Social Media superstars sold a fantasy that didn't even remotely live up to expectations. Sold out within minutes of going on sale, proving to the world that selling an idea is possibly more important than selling a product. Here are some things we learned about influencer marketing and how it played a key role in the buildup of the festival.
Social Media Marketing Can REALLY Sell
The Fyre Festival proved to us what we already know: social media is the most important marketing tool in today's world. With tickets starting at $1,500, the festival needed to sell a fantasy getaway fit for a social celeb. No infrastructure, no musical acts booked, and no real plan set in place. Just an idea to sell to millennials with money to burn that they could be lounging on the beach with their favorite influencers where they can get content for their own social media feeds.
Payouts For Sponsored Posts Are Ridiculously High
We were shocked to learn that Kendall Jenner pocketed $250 thousand dollars for one Instagram post, but were even more appalled to hear that is the industry standard payout for a social influencer of that caliber. Jenner along with fellow influencers Bella Hadid, Alessandra Ambrosio and a slew of popular supermodels all received a hefty payout for posting an orange tile on their social media feeds announcing ticket sales, hashtaging #fyrefestival. The festival sold out within minutes after the synchronized tile posting, and is credited for a large portion of the festival buildup.
The Government is Cracking Down
After the festival ended, the question then arose, who do we blame for this disaster? The influencers, or the brand? While Fyre Festival founder Billy McFarland was under FBI investigation the FTC unveiled new laws and regulations requiring influencers to disclose when they are being paid to promote a product. Now you will see #ad or #sponsored in social posts to disclose their promotions may be motivated by money as opposed to genuine product postings.
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