After the Fyre Festival, millennials still want to live like millionaires (on the cheap)

Before the ill-fated Fyre Festival, there was a credit-card company called Magnises.

The Fyre Festival, a luxury music festival in the Bahamas organized in part by the rapper Ja Rule, cost between $1,500 and $250,000 to attend. The event was supposed to happen during the weekends of April 28 to 30 and May 5 to 7. But as attendees started to arrive and reported on how unprepared the organizers were for the event, the Fyre Festival canceled incoming flights and refunded the cost of the weekend, resulting in a $100 million class-action lawsuit.

Another organizer, along with Ja Rule, was Billy McFarland, an entrepreneur who previously started a company called Magnises, an app and $250-per-year subscription service that offered “members-only experiences and exclusive benefits” to its members, including concerts, restaurant tastings and art gallery previews.

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