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In July, convicted fraudster Billy McFarland auctioned off the rights to the Fyre Festival brand on eBay after his plan to bring it back from the dead failed spectacularly. He ended up receiving just $245,300 for all of the Fyre trademarks, social assets, and intellectual property – less than 1% of the $26 million he owes in restitution to the people he scammed.
At the time of the sale, McFarland appeared to be amused by the identity of the new owner, but no one knew why. Now we do.
The Fyre Festival brand and related assets were purchased by LimeWire, a company that was also once the subject of much controversy. In the early 2000s, LimeWire ran into legal trouble for the distribution of pirated materials, especially pirated music. The Recording Industry Association of America ended up suing LimeWire in 2011, claiming statutory damages of $72 trillion.
The company would eventually cease business operations, but make a return (in name only, after the original trademarks expired) when it was relaunched in 2022 as an NFT marketplace. And now it owns Fyre Festival.
“The Fyre brand became one of the most recognizable names in recent internet history – a symbol of viral marketing, ambition, and the consequences of overpromising,” LimeWire said in a press release announcing the purchase. “Despite its controversial origins, it remains deeply embedded in pop culture and continues to spark conversation years later. LimeWire sees this enduring relevance as an opportunity: not to recreate the past, but to reimagine what Fyre can stand for in the future.”
Julian Zehetmayr, the CEO of LimeWire, added that the company is “not bringing the festival back.” Instead they plan to bring “the brand and the meme back to life. This time with real experiences, and without the cheese sandwiches.”
Ryan Reynolds’ Maximum Effort creative agency was one of the bidders who lost out to LimeWire. “Congrats to LimeWire for their winning bid for Fyre Fest,” he said. “I look forward to attending their first event but will be bringing my own palette of water.”
As for what LimeWire actually plans to do with the Fyre Festival brand, it’s pretty ambiguous. They say they will unveil a “reimagined vision for Fyre” that “expands beyond the digital realm and taps into real-world experiences, community, and surprise.” The company also says “Fyre’s revival will be bold, self-aware, and impossible to ignore.”
What all of that means, remains to be seen. In the meantime, a waitlist is now open where people can get updates and early access to… something.