Pants on Fyre

Now that Fyre Media Inc is infamous for its aborted music festival in the Bahamas, the one that's prompted lawsuits from vendors and a $100 million class action from attendees, it's hard to remember the whole thing was meant to promote an app. The Fyre software is essentially a mobile-frie...

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Bibliographic Details
Published in:Bloomberg businessweek (Online) 2017-05, p.33
Main Authors: Mosendz, Polly, Bhasin, Kim, Nasiripour, Shahien
Format: Magazinearticle
Language:English
Subjects:
Alzheimer's disease
Class action lawsuits
Computer programs
Funding
Media
Music festivals
Reviews
Software
Software utilities
Online Access:Get full text
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Summary:Now that Fyre Media Inc is infamous for its aborted music festival in the Bahamas, the one that's prompted lawsuits from vendors and a $100 million class action from attendees, it's hard to remember the whole thing was meant to promote an app. The Fyre software is essentially a mobile-friendly speakers bureau for performers available for appearances at concerts, clubs, and parties for a price. Current and former staff say Fyre Media co-founder Billy McFarland made it seem like the two-year-old app was well-funded, even attracting interest from Comcast Corp's venture capital aim. Whoops Court papers and public records reviewed by Bloomberg show that in the weeks before the festival disaster, Fyre Media took on as much as $7 million in debt. McFarland told Fyre employees on an internal conference call that the company didn't close its funding deal with Comcast Ventures.
ISSN:0007-7135
2162-657X