The Fyre Festival company has officially sold all brand rights, including their social media, digital assets and IP, on eBay this Tuesday, July 15th, for $245,300. Created in 2016 by entrepreneur Billy McFarland and rapper Ja Rule, the company aimed to open up a new space for booking musical talent. Though the Fyre Festival was made as a way to promote the company’s app, its failure put a long-term dent in the company’s reputation.
Back in late April of this year, controversial businessman and co-founder of the company Billy McFarland made public statement on the official Fyre Festival website about the decision to sell the brand after almost 8 years. “This brand is bigger than any one person and bigger than what I’m able to lead on my own. It’s a movement. And it deserves a team with the scale, experience, and infrastructure to realize its potential,” he continued “We have decided the best way to accomplish our goals is to sell the FYRE Festival brand, including its trademarks, IP, digital assets, media reach, and cultural capital – to an operator that can fully realize its vision.” Although McFarland was reportedly disappointed with the number of the final bid, the cofounder publicly congratulated the anonymous winner on social media.
The bid first went live last Tuesday on July 8th. With 175 bids made by 42 bidders, the final offer came in at 12:44 p.m. EST this Tuesday, reported by one stereogum article. According to McFarland, this auction became the “most watched non-charity listing on eBay.”
Although he continues to face backlash on social media after this auction due to his past controversies (including fraud, lying to the FBI and previous festival mishaps), McFarland seems hopeful for the future of the Fyre Festival company and for his upcoming projects.
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