What Brands, Advertisers and Influencers can Learn from #FyreFestival
Olshan Counsel, Safia Anand, published an article entitled “What Brands, Advertisers and Influencers can Learn from #FyreFestival” in the Luxury Daily, addressing the failed music festival Fyre Festival and the social media implications. The article details how the Fyre Festival showed the power of advertising and influencers in the digital age and how brands, advertisers and influencers can learn valuable lessons from the festival’s aftermath. The article discusses the importance of compliance with the Federal Trade Commission’s Endorsement and Testimonial Guidelines by brands, advertisers and influencers alike. The article also discusses the importance for companies to abide by the laws that were enacted to protect consumers from being misled, even while using social media to their advantage. In sum, everyone involved needs to ensure that their advertisements are true and that all social media promotions, even if made by influencers, comply with the law. The ramifications of failure to comply could be serious for all parties involved, including, becoming the target of enforcement by the FTC, being sued, and receiving negative press, all of which can be harmful, and all of which we saw as a result of the Fyre Festival debacle.