The Parachute music festival has been cancelled - for good.
Parachute chief executive and festival founder Mark de Jong today announced that the event - held at Hamilton's Mystery Creek - was no longer viable financially.
"Our Board doesn't believe it is prudent to continue the event," he said. "Continuing the festival will put all the other activities of Parachute Music at risk."
Parachute is New Zealand's longest-running music festival, being run for 24 years.
"It's no secret that running an event of this scale in Australasia has become increasingly harder to do in a saturated events market" Mr de Jong said.
"Over the last few years, we've reduced ticket prices, slashed operational budgets, increased artist spend and done many other things to try to make this festival work."
But he said they'd come to the point where they believed the festival's season was at an end.
"The last thing we want to do is to ruin this festival's legacy by forcing it past a natural conclusion."
He said they would now focus their energies on the other core activities of Parachute Music, including the development of emerging musicians, artist mentoring, management and training, as well as our community recording studios.
"We are also exploring some ideas for new events, watch this space."
"We have nothing but fond memories of so many festivals, and we are deeply grateful for the thousands of supporters, volunteers, artists and punters who have been on this journey with us. We look forward to continuing this journey together as we move into a new season."
This year's fesitival was held at Mystery Creek in January where Australian Idol winner, Stan Walker, was among acts to perform.
Numbers were noticeably down, with plenty of room in the usually overcrowded seating during morning worship.
Mr de Jong said all pre-purchased tickets to the 2015 event will be refunded in full from iTicket.co.nz.