The shutdown comes after a difficult year for FYF that saw its founder sell his stake to AEG following a sex scandal.
This year's FYF Fest, which was to be headlined by Janet Jackson, Florence + the Machine and Future, is being canceled due to poor ticket sales, Billboard has learned. Festival owners Goldenvoice and AEG Liv
Disappointing ticket sales in April are to blame for the cancelation. Even though the event had two-and-a-half months to go, organizers decided this year's FYF Fest could not be saved and threw in the towel. Today AEG officials will begin the process of reaching out to fans who bought tickets for the July 21-22 festival with refund information.
The cancelation comes as the 2018 summer festival season begins and new concerns emerge about soft ticket sales and over-saturation, with new multi-day events competing for market share with longtime festival brands. While indie festivals are typically the ones that get squeezed in the ultra-competitive space, the crash of a well-known music festival in a major city operated by one of the biggest festival producers in the world is raising alarm bells about the health of the festival market in 2018.