You might be wondering why BusinessOfSport.Net would be covering its first non-sports-related item for review?
Firstly, thanks for being a loyal reader, secondly, after watching Netflix’s new documentary, “Fyre: The Greatest Party That Never Happened” offers some interesting lessons for social media’s impact and “influencers”.
In a previous post BusinessOfSport.Net delved into how social media has become an important tool for the sports industry, with sports stars very much now being influencers. More generally, my generation (i.e. millennials) are amongst the healthiest ever who want to be fit and eat healthy food, making sports personalities a key part of influencer marketing.
The impact of influencer marketing, especially in sports can’t be underestimated either
It can, according to research:
- Develop “loyal fans” (63%)
- Generate leads (64%)
- Increase brand exposure (87)
So what has the Fyre festival got to do with sports marketing? Absolutely nothing. Yet, as this at times riveting, and also shocking, documentary makes clear is the power that influencers, regardless of what industry they operate in, now have on people.
The festival was a disaster, as evidenced by the above, iconic (and viral) Tweet about the now infamous food. The organisers promised a picturesque music festival for the well-heeled and wealthy with “exclusive” experiences. As the documentary shows, none of their promises held up and legal cases are ongoing against chief organiser Billy McFarland.
The key takeaway from this excellent documentary is that selling an experience is fine, just make sure you can pay the cheque and deliver, something which the sports industry hasn’t always done.