The couple, who have been married since 2022, are taking on the project together with director Bryan Buckley. The music is written by the Grammy-winning producer Paul Epworth, who among other things has made many songs for Adele.
The first Fyre festival was marketed as a luxury experience on Pablo Escobar's private island in the Bahamas, bands like Blink 182 and Migos were the main attractions.
But it ended in chaos for the local workers and a fiasco for the influencers who had hoped for a music festival beyond the ordinary. There was nowhere to stay, no food or water and all the artists chose to withdraw.
Waititi himself calls the music project "exciting, strange and potentially catastrophic - just the way I want to work", in an interview with Hollywood Reporter. Buckley says that the story itself is a "spectacular collapse that will haunt a whole generation".