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Miami_Art_Basel_Recap.pdf

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Miami_Art_Basel_Recap.pdf

  1. 1. EVENT RECAP
  2. 2. RECAP SUMMARY: ART BASEL SUPERF3ST executed the project’s first post-mint activation at Miami Art Week. The entire activation was voted on and funded through the newly launched SUPERF3ST Treasury. Day 1 Featured an eccentric mansion party on Hibiscus Island. This activation featured a new experiential concept, SUP3R HOUSE, positioned as a playground for creativity and home for expression. This concept elevates SUP3R HOUSE branding over SUPERF3ST, in an effort to democratize the experience with the intention to maximize partnership opportunities and serve as a research & development platform for future SUPERF3ST’s future festival ambitions. Day 2 Featured a backyard listening session and community pool party at the F3STY HQ (community AirBnB). This experience was planned, programmed and organized entirely by the SUPERF3ST community. Programming included meditation, yoga, mini Frick Frack, freestyle cypher and live performances. OVERVIEW: 1. Increase project awareness. 2. Grow the community. 3. Engage the community. 4. Activate our network. 5. Launch & activate Treasury. 6. Expand 2022 testing portfolio. GOALS: OBJECTIVES: 10.6K impressions/day (+92% increase) KEY PERFORMANCE INDICATORS: 1. Scale social media reach & earned media impressions. 2. Drive SUPERPASS sales via the Treasury. 3. Maximize SUPERF3ST community participation and attendance. 4. Curate a lineup featuring SUPERF3ST artist founders & collaborators. 5. Maximize partnerships to replenish the Treasury. 6. Maximize event attendance and minimize fees for overages. 7. Drive treasury-led experiential activation proof of concept 15/100 SUPERPASS sold (30% to goal) 80 Community attendees (+30 projected) 85% Lineup sourced via Artist Founders $28K in generated (+86% Goal) 600 Attendees (+20% to goal, no fees) $65K Activated via Treasury 2
  3. 3. SUP3R HOUSE PROGRAMMING 1. M!NT & Jasmine Solano (B2B) 2. Gianni Lee 3. X&ND (Live) 4. GoodNewBas & Weed the Wizard (Live) 5. Coco & Breezy 6. Young & Sick 1. Lindsey Price 2. AlienQueen 3. Post Wook 4. ProbCause 5. NonVisuals 6. PLS&TY 7. David Minor 8. Salbysai 9. Hive 10. FLWRS 11. Modernist 12. Jsky ART: MUSIC: 1. Mermaids 2. Stilt Walker 3. Dancers 4. Boat w/ Secret Set by Jason of Cherub 5. Merch Booth 6. Cosmic Dome (provided by Wanderers EXPERIENCE ADDITIONS: 1. Party Degens 2. The Wanderers WEB3 PARTNERS: 1. Creativo LOCAL PRODUCTION PARTNER: 1. Teramana Tequila 2. E11even Vodka 3. Truly Hard Seltzer 4. Dogfish Head Beer 5. 100 Coconuts Coconut Water FOOD & BEV PARTNERS: 1. Spin MEDIA PARTNER: DECEMBER 2ND: SUP3R HOUSE LINEUP POSTER: 3
  4. 4. SUP3R HOUSE EVENT FINANCIALS SUP3R HOUSE EVENT PRODUCTION Line Item Budget Talent $30,850 Venue $25,000 Production $10,703 Merch $3,263 SUP3R HOUSE PARTNERSHIPS Line Item Budget Partnerships $28,000 ART BASEL SUPERPASS SALES Line Item Budget SUPERPASS Sales $5,625 Event Total $69,816 Event Budget $60,000 Event Overage $9,816 80% to Treasury $4,500 Partnership $ remaining after overages $18,184 80% to Treasury $14,547 EVENT EXPENSES EVENT DRIVEN REVENUE TOTAL TREASURY INVESTMENT $60,000 TOTAL TREASURY REPLENISHMENT $19,047 NET TREASURY INVESTMENT $40,953 4
  5. 5. SUPER LOUNGE POOL PARTY PROGRAMMING 1. Mavi Taylor 2. Dragaan 3. Weed the Wizard 4. Santiago 5. Party Trick 6. Good News Bas 7. X&ND 1. Meditation 2. Yoga 3. Wellness talk 4. Tea Ceremony 5. Freestyle Cypher 6. Mini Frick Frack 7. Pool Party EXPERIENCE: MUSIC: DECEMBER 2ND: SUP3R HOUSE LINEUP POSTER: HIGHLIGHTS: 5
  6. 6. SUPER LOUNGE POOL PARTY FINANCIALS SUP3R HOUSE EVENT PRODUCTION Line Item Budget Housing $5,000 Production $3,260 Event Total $8,260 Event Budget $10,000 Event Savings $1,740 EVENT EXPENSES TOTAL TREASURY INVESTMENT $8,260 TOTAL TREASURY REPLENISHMENT $0 NET TREASURY INVESTMENT $8,260 EVENT DRIVEN REVENUE 6
  7. 7. ART BASEL VALUED RETURNED Event Attendees 600 N/A Community Members Activated 80 Vibes + Relationships: Priceless N/A Artist Founders Activated 13 N/A New Community Members Acquired 15 Lifetime Value: Avg Spend/Partner x Expected Contribution $8,437 New Partners Activated 8 Lifetime Value: Avg Spend/Partner x Expected Annual Partnerships $66,000 Earned Media Impressions (SPIN) 1.42MM CPM: Cost of media/impressions $5,500 Earned Social Impressions 205,333 CPM: Cost of media/impressions $616 Incremental Social Impressions 142,800 CPM: Cost of media/impressions $428 Incremental Social Engagements 10,689 CPE: Cost of media/engagements $855 Community Hospitality Subsidized 30 F3STY HQ Subsidy: (Avg Mia hotel room x nights stayed) - (Avg spent per person @ F3STY HQ x nights stayed) $5,000 (Community Savings) EARNED VALUE $86,836 7
  8. 8. ART BASEL ROI Total Funds Going Back into Treasury $19,047 Total Treasury Investment $68,260 NET SUP3R House Budget $40,953 NET Super Lounge Budget $8,260 Total Budget Spent $49,213 Art Basel Earned Value $86,836 Art Basel ROI 1.76 Understanding ROI: ● To justify any investment, you have to be able to at least break even (1.00 ROI), meaning that the money you spent was returned in equal value (break even). ● An ROI of 2.00 is healthy in that, you got back twice as much as what you spent. ● A very healthy investment usually has an ROI of 3.00, meaning that the value you gained outweighed what you put in, 2:1. ● Analysis: Art Basel’s 1.76 ROI comes in lower than a standard “healthy” ROI by most standards. However, most new businesses and startups will naturally incur similar circumstances as the brand is not yet established. It is common for startups to run at “break even” in the first year or two as the brand and business are developed. While the value we received hasn’t all materialized as “money in the bank” yet, Art Basel was an efficient use of funding as it did return some hard cash, community savings and contribute to future brand growth and development. Additionally, the learnings generated are crucial to optimize the deployment of future capital. 8
  9. 9. SUMMARY: KEY LEARNINGS 1. The community we’re building is truly special. Art Basel helped further relationships, create new ones and served as a jumping off point for many incredible experiences to come. 2. When SUPERF3ST throws down, people show out. It’s time to raise the stakes - bigger, bolder and badder than ever before. 3. SUPERF3ST leads the way. Our story, our community and our unique festival energy must be front and center for all to see and engage with. 4. Creative is at the core of what we do. Our experiences must be driven by a creative point-of-view, amplified through storytelling and brought to life at each event. 5. The team will raise the bar with future activations that leverage team funds and source community input. The Treasury is the community’s to activate. 6. Progress is a process achieved through proper planning, thoughtfulness and execution. 2023 is all about leveraging learnings to map our future, choreographing key moments for growth and playing from ahead. 7. Partnerships must be intentional, purposeful and to the experience we’re creating. 8. Refining our communication approach and creating platforms for consistent dialogue will make everyone’s journey easier, more enjoyable and set up for success. 9. Values live on paper until they’re practiced. We must use them as a guide, elevate them into our lifestyle, and put them on display. 9
  10. 10. Social Clippings 10
  11. 11. EVENT RECAP THANK YOU!
  12. 12. APPENDIX 12
  13. 13. Performance Deep Dive WHAT WE DID: WHAT WE LEARNED: WHAT WE’LL DO DIFFERENTLY: The SUPERF3ST team lead the Art Basel proposal process and sourced feedback from the community along the way to expedite planning due to constrained production timelines. Going forward, the SUPERF3ST team will only consult and advise on the proposal process - we will not lead the proposal process or submit them. This ensures that Treasury dollars only fund community lead initiatives. Despite sharing proposals drafts in Discord to source feedback, the initial idea for the event did not come directly from the community and they would have like to have influenced the plan a bit more. We pursued a number of partnerships which in total served five five purposes. 1. Expand our network / build relationships 2. Maximize event attendance 3. Provide recruitment opportunities 4. Create production efficiencies 5. Budget efficiencies / Treasury replenishment While we were able to drive revenue back to the Treasury and create budget efficiencies, the number of partnerships created a crowded event which impacted the experience for SUPERF3ST holders, stripping them of the ability to invite +1’s. Additionally, the event’s demand pushed RSVPs to capacity quickly, limiting our ability to drive SUPERPASS sales pre-event - we left a lot of recruitment opportunity on the table due to this. Finally, rather than production efficiencies, we got a production headaches. ● Holder +1’s will be a mainstay for future events ● Partnerships will be tailored to the event and never interfere with the goals of SUPERF3ST or expectations of the community. ● We will not partner on production - this is ours to own end-to-end going forward. ● When we do engage in a partnership we will integrate communities prior to the event to create bridges before we touch down. ● Communication around partnerships and their purpose will be more clearly articulated. We pursued the Art Basel event with under 8 weeks to produce it. To produce the caliber of events that we’re known for and expect to execute, we need to get ahead of planning timelines. We cannot compromise this regardless of Web 3’s hyperbolic pace. We must dictate the tempo. In 2023, we will leverage team funds to plan and produce key anchor events across the balance of the year. These events will be lead by the SUPERF3ST team, incorporate community feedback and produced by Superfly in total. TREASURY FUNDING: PARTNERSHIPS: PRODUCTION TIMELINES: 13
  14. 14. Performance Deep Dive WHAT WE DID: WHAT WE LEARNED: WHAT WE’LL DO DIFFERENTLY: We did not provide enough funding in the budget to execute creative in a compelling way onsite and therefore opted for a more organic approach that did not leverage SUPERF3ST branding / logos on site. We can debate whether logos would have made a difference or not but what’s not debatable is that every experience should be rooted in a creative idea and story that comes to life onsite. Without a creative concept driving the experience, our events won't stand out or foster a unique and identifiable point-of-view that’s uniquely SUPERF3ST. We created a small merch capsule for the event and sold it on site. Beyond driving a community activation through the Treasury for the first time, we also enabled a community-led experience funding and introduced subcommittee planning groups for the first time. BRANDING / CREATIVE: MERCH: COMMUNICATION: Everything will start with a creative idea, story and theme that will be used to anchor all aspects of future experiences. We will prioritize budgets to bring the creative to life on site and use these executions to leave a lasting mark that is identifiably our own. Art Basel wasn’t the kind of event that warranted a merch capsule and people didn’t want to have to carry items around the rest of the night. In the future we will look to test different merch executions but keep this as a low priority until we generate more demand around the project and grow the community further. Pre-selling online prior to the event is a viable approach as well. Overall there was a lot going on and a lot of people contributing in different ways - which is great! That said, as time went on communication became strained and confusing. Communication is challenging in general and even more challenging in Web3 with the number of channels, platforms and people involved. We are developing a Founder Portal which seeks to centralize the SUPERF3ST experience in one platform and ease communication efforts overall. Beyond that, we are conducting a platform and holder experience audit currently to further develop a point-of-view on our communication guidelines for the future. 14
  15. 15. Performance Deep Dive WHAT WE DID: WHAT WE LEARNED: WHAT WE’LL DO DIFFERENTLY: The SUP3R House featured a packed musical lineup. We had too many performers and not enough time. Each artist that performs should be granted a platform that isn’t rushed, allows them to get into a groove and capture the audience. The SUP3R House featured a packed lineup of visuals artists. The community planned, programmed and produced the Super Lounge Pool Party the day after the SUP3R HOUSE, rallying +50 community members to participate. MUSIC: ART: DAY 2 EXPERIENCE: In the future, we need to take bigger bets with less artists allowing each performance to shine. Additionally we need to plan for scheduling delays and give each performance a buffer. We love art and want to see it in all of its glory! Unfortunately, for most digital art the experience is just lacking. While we had quality digital displays curated for NFTs, they just aren’t as compelling as as they should be nor do they elevate the experience. Future events need to prioritize showcasing digital art in new innovative ways. We need to leverage unique canvases, create dedicated digital art lead moments and leverage different executions like projection mapping to bring this experience to life in a way that leads the space at large. We can keep it simple and still have a great time as a community. This experience highlighted the talent within our community, created a laid back atmosphere and allowed people to really connect. Going forward, we need to more carefully define subcommittee operations/processes to make the planning and production of these community-led events more efficient. Events like these need an elevated priority on SUPERF3ST channels to drive promo and reach more people. Additionally, we need to place a creative emphasis on similar events, ensuring that we develop a distinct atmosphere and creative point-of-view. 15

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