If you’re an avid Netflix fan or have simply logged onto the internet in the past few days, then you’ll know all about Fyre Festival. Fyre Festival was a luxury music festival, created with the intent of promoting the Fyre Booking App, but became a disaster due to horrible planning and failed promises; with organisers either served million dollar lawsuits or jailed.
The event was heralded as ‘tummy tea on a larger scale’ due to its influencer promotion campaign, which sold millennials an unattainable event. But while Fyre Festival may have been a complete failure, it did create some valuable lessons about influencer marketing.
Maintain honesty and transparency
One of the biggest mistakes committed by Fyre Media was the lack of transparency in the promotion of Fyre Festival. While 250 influencers were reported to have advertised the festival on their Instagram accounts, only one (Emily Ratajkowski) disclosed it to be a paid promotion.
A survey conducted by Influencer Marketing Hub revealed that 45% of brands and marketers didn’t pay attention to the FTC guidelines. However, since the fiasco, all of them have revealed the this will be a top priority to maintain compliance.
Paying top dollar doesn’t always pay off
The saying is true, more isn’t always better. That was a big lesson the Fyre Festival Organisers learned the hard way. According to Vice News, Kendall Jenner was reportedly paid £250,000 for a single Instagram post, while other influencers were paid over £20,000 each to promote the festival on social media.
Despite spending the majority of their money on influencers, they failed to yield the desired results. In its pitch to investors, organisers claimed they were selling 40,000 tickets, which would be completely sold out by March 31st. However, by April 27thFyre Festival had only sold 8,000 tickets, less than 25% of the total available. Even if all 8,000 tickets were sold as a result of Kendall Jenner’s post, it’s a huge disappointment since she had 72.5 million followers at the time.
It’s clear that these influencers didn’t have sufficient influence on their audiences to project sales. Instead, the Fyre team could have worked with micro-influencers, creating a more significant impact without paying exorbitant rates.
These are the best lessons that the Fyre Festival disaster taught us about influencer marketing. If you would like to find out more information about how Social Media Marketing can help your business get in touch with VerriBerri, PR agency Chelmsford, today.