Taika Waititi and Rita Ora are set to produce a new musical about the disastrous Fyre Festival.

Fyre Fest The Musical will follow the story of the festival’s promoter, Billy McFarland, according to the Hollywood Reporter.

The 2017 event was deemed a scam after attendees were left stranded on a Bahamian island with limited supplies, shelter, and food.

McFarland was sentenced to six years’ imprisonment after the incident, having defrauded festival investors of an estimated $43.7 million (US$26 million).

The production is being described as “not just a Greek-sized tragedy of one man’s con. It’s a satirical indictment of an entire generation”.

Waititi told the publication he was excited to start work on the project - with a hint of his characteristic sense of humour.

“Working in the theatre is always fun. I mean I haven’t done it for 15 years because it was no longer fun, but I’ve been told it will be fun this time. And I believe them,” he told Hollywood Reporter.

“Honestly, I think the idea is exciting, weird, and potentially disastrous, which seems apt and is how I like to work.”

The food at the festival became the subject of several memes. Photo / Netflix

The pair will be working with film-maker Bryan Buckley and his production company Hungry Man Productions, which is responsible for several of Waititi’s film trailers.

Buckley, who will write the book for and direct the musical, described the festival as “a spectacular failed endeavour - that will haunt a generation forever”.

“I cannot wait to get this show out into the world. And yeah man, this time there will actually be music or your money back.”

Hungry Man Productions will be launching a series of “guerilla art installations” this week, including a 30.5 m barge that will be launched into New York Harbor.

Fyre Festival took over the pop culture stratosphere in 2017 as live reports from the event filtered through social media.

Before it took place, glitzy advertisements promised a luxury experience for festivalgoers, featuring famous models Kendall Jenner and Bella Hadid and a line-up that included Disclosure and Migos.

But the festival was cancelled by McFarland just one day in, spawning a litany of memes and two documentaries about the colossal failure.

He has continued to cause controversy since the infamous festival, attempting to run a second iteration of the event this year.