Despite its noted credibility and general popularity in past years, this year’s Lollapalooza has been cancelled due to poor ticket sales. The 31 date travelling festival.

Festival founder and Jane’s Addiction frontman Perry Farrell confirmed the cancellation saying, “My heart aches along with the bands and all of our employees, whose hard work developed one of the most exciting and important tours that this nation was to see. My heart is broken.”

Marc Geiger of the William Morris Agency, added: “On the average, the losses, had ticket sales not dramatically picked up - which they showed no indication of doing - the people involved faced losses in the mid-to-high six figures on a per-show basis. Lollapalooza is not alone in this. Everyone from The Dead to Dave Matthews to Norah Jones is suffering.

“There’s not one explanation for this. It might be that ticket prices are too high, which doesn’t account for Lollapalooza, because our tickets were priced between $15 and $25. Maybe it’s the sundry add-ons that up the cost?

“Maybe gas prices are too high? Just like the record industry is suffering, the concert business is not exempt.”