The hearts of EDM bros Australia-wide are about to snap like glowsticks, because reports are coming through this evening that Stereosonic has been permanently cancelled.
The Daily Telegraph is reporting that festival promoters Totem OneLove and SFX Entertainment have scrapped the event, after two people lost their lives and dozens more overdosed on drugs during this summer’s festival tour.
Now these reports have not yet been confirmed by anyone in charge at Stereo, however the Murdoch rag cites “industry speculation” that the festival has been binned, and reckons they received “radio silence” after approaching the promoters for comment.
“Not at this stage no. Maybe at the future I will do something but at this stage there is nothing on the go,” he said.
As a bit of background, SFX bought Stereo in 2013 for $75 million but kept founders Cotela and McNeill on as consultants. But then earlier this year, the company announced that it had filed for bankruptcy in the US amid a reshuffling of the business and downsizing.