EDM promoter SFX has been forced to cancel upcoming mega event One Tribe festival in LA, citing poor ticket sales.
The financially shaky company, that recently had its debt downgraded and its top executives' pay altered, was supposed to be the first Californian festival for major Dutch dance promoter ID&T, which SFX bought in 2013.
Scheduled to run on 25th and 26th September, the festival was advertised to include yoga, 'spirituality', 'wellness' and 'water activities', in addition to headline sets from Kygo, Damian Lazarus and Carl Craig.
Jacob Smid, managing director of SFX Live North America, added in a statement: “We had an ambitious plan to bring an innovative and unique experience built around the spirit of community, art and music to an amazing venue in Southern California. Unfortunately, disappointing ticket sales put us in a position of choosing between compromising our vision and the overall experience at One Tribe, or canceling it.”
SFX stocks have fallen to less than 80 percent of their value at the start of 2015 over the last few weeks, after CEO Robert F.X. Sillerman recently failed to complete a bid to take the company private, and then announced plans to consider offers for some of its parts.
SFX's other upcoming events are currently on hold, including Electric Zoo festival in New York this weekend and TomorrowWorld in September in Atlanta.
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