Stereosonic has reportedly been cancelled
According to a report from Sydney newspaper The Daily Telegraph, Australia’s Stereosonic festival has been cancelled.
The article, hidden behind a subscribers only paywall, reports that promoters Totem OneLove and parent company SFX Entertainment have likely cancelled the touring event following two deaths at festival events last year.
Although the paper contacted Totem OneLove and SFX, neither have made themselves available for contact. The paper was, however, able to reach festival founder Frank Cotela. “I just don’t know what is going on there at Stereosonic,” said Cotela, who was kept on as a consultant for SFX when they purchased Totem OneLove.
The article reports that Cotela and Stereosonic cofounder Richie McNeill are planning to cash in on Stereosonic’s demise by creating a new venture. As to whether or not he is working on another festival, Cotela told The Daily Telegraph: “Not at this stage, no. Maybe in the future I will do something, but at this stage there is nothing on the go.”
Though parent company SFX has declared bankruptcy in the US and is currently liquidating assets, Totem OneLove is reportedly experiencing no such troubles. The subsidiary revealed it was “cash-flow positive” as recently as February. Stereosonic’s troubles with drug use and the two deaths at the festival this summer, however, have been detrimental for the festival’s reputation. It’s official cancellation thus wouldn’t come as a surprise.