After initial speculation from Sydney newspaper The Daily Telegraph, one of Australia’s biggest and most-anticipated music festivals, Stereosonic, has been cancelled.
The festival announced its cancellation via Facebook, and claims to return in 2017. It is unclear as to why, but the initial article from Telegraph reported that promoters Totem OneLove and parent company SFX Entertainment were on the way to a decision.
Neither company was available for initial comment, but The Daily Telepgraph was successful in reaching out to festival founder Frank Cotela, who was kept on as a consultant for SFX when they purchased Totem OneLove. “I just don’t know what is going on there at Stereosonic,” he commented.
There is speculation that Cotela and Stereosonic co-founder Richie McNeill are planning to cash in on the festival by planning a new venture in it’s place. Although Cotela denied claims on the matter. “Not at this stage, no,” he said to Telegraph. “Maybe in the future I will do something, but at this stage there is nothing on the go.”