Here it is, folks. The news you’ve all been waiting for (probably).
Rumour swirled last night that annual pingerchew Stereosonic was on its last legs, and this morning organisers confirmed it.
Stereosonic will not take place in 2016.
Stereosonic Festival UpdateTotem Onelove Group is currently working on bringing Stereosonic fans the best festival…
Posted by stereosonic on Wednesday, 6 April 2016
The official word coming from organisers is that the festival is on “hiatus,” but we’ve all seen far too many “we’ll see you next year!” posts that have been followed by quiet, inglorious death to believe that for a second.
Whilst the Daily Telegraph speculated that a pair of drug deaths that cast a dark shadow over last year’s iteration of the festival, it would appear that the real reason is that organising group Totem Onelove are simply up financial shit creek.
Stereo’s US owning company SFX filed for Chapter 11 Bankruptcy back in January, with debts in the dizzyingly-high US$490million region.
The debts mean Stereo will not be able to obtain funding from its owning company for quite some time, if ever again. And severe doubts are being cast as to whether SFX intends for Stereo to survive the Chapter 11 proceedings.
The long and short? Stereo is dead. At least for the foreseeable future.
Good night, sweet prince. Gone from getting ripped to getting RIP’d.
Source: The Music, Stereosonic/Facebook.
Photo: Stereosonic/Facebook.
