The annual Love Parade will skip Berlin this year after organizers failed to raise the necessary funds. This year's street party was scheduled to take place in the German capital on July 10.

The annual Love Parade will skip Berlin this year after organizers failed to raise the necessary funds. This year's street party was scheduled to take place in the German capital on July 10.

Fabian Lenz, managing director of organizers Love Parade Berlin GmbH, admitted on Friday that directors failed to raise the necessary €500,000 ($750,000) to cover its costs.

According to Lenz, the street parade lost its status as a political demonstration in 2001 and was no longer able to cover its costs. Up until 2001, the street-cleaning costs had been paid for by the city.

"Unfortunately, everyone involved had to recognize that despite the intensive efforts, no solution could be found in view of the short time available," Lenz said in a statement.

Launched by local DJ Dr Motte in 1989 under the motto "peace and fun," the original parade gathered only 150 participants on main Berlin street Kurfürstendamm. In its heyday in 1999, it attracted an estimated 1.5 million people.

It has since branched out into an international branded event, but numbers have shrunk at its flagship street party. Only 500,000 fans attended last year's Berlin event, compared to more than 900,000 participants at the Zurich, Switzerland version.

International Love Parades are scheduled for August 27 in Tel Aviv and September 25 in San Francisco.