This year’s Good Vibrations festival has been cancelled due to astronomical artist fees, competitive demand for artists, unpredictable weather and a shifting live music market.

“We will not be going ahead with the festival this year,” said festival boss Justin Hemmes. “We will be in touch in due course regarding plans for 2013.”

The festival failed to sell out last year after Janelle Monae and Cee Lo Green pulled out due to Grammys commitments while waning attendance forced promoters to introduce a 2-for-1 ticket deal for the first time in the festival’s history.

When we spoke with Hemmes last year (see below) he was confident that the festival would return as planned in December, but acknowledged that complacency in a “cluttered market” can be disastrous. “When things are really good you do get a bit lazy and you get a bit lax and you rest on your laurels a little bit,” he said. “You can’t sit back. Every year’s gotta be like your first year.”

They’ll get that chance again in 2013.