Daily Hive can confirm that the 2017 Pemberton Music festival has been cancelled.
The festival, which was due to take place July 13 – 19 in Pemberton, BC had previously confirmed a lineup that included Chance the Rapper, Muse and A Tribe Called Quest.
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The cancellation follows hot on the heels of the Squamish Music Festival which was axed last March.
Official statement on festival’s website:
The 2017 PEMBERTON MUSIC FESTIVAL IS CANCELLED.
The 2017 Pemberton Music Festival scheduled for July 13 – 16, 2017 is cancelled and will not proceed as scheduled. The Trustee will issue formal notice of the bankruptcy proceeding to all known creditors of PMF within 5 days of its appointment.
Unfortunately there are no automatic refunds from PMF. As PMF is now in bankruptcy, it has no ability to provide refunds for tickets purchased. However ticketholders may file a proof of claim form as an unsecured creditor with EYI in accordance with the claims process.
Proof of claim forms will be mailed to known PMF creditors in due course and made available on the Trustee’s website. A determination of recovery, if any, on the claims of ticket holders from the estate will not be known for several weeks. The Trustee will provide an update to creditors in due course.
Refunds may be available to ticketholders from third parties if tickets were purchased using a credit card. As each bank and credit card issuer have their own specific policies, ticketholders are to contact their bank or credit card issuer directly to determine whether a refund can be obtained.
The Trustee will provide further details concerning contact information for the various credit cards and financial institutions on its website.
Weakening dollar, increased sourcing difficulty blamed
In a statement, Ernst and Young, the trustees brought in to handle the bankruptcy, said the festival has been “significantly impacted since 2015 by a weakening Canadian dollar relative to the US dollar as many of its entertainment costs are denominated in $US dollars.”
In addition, it said, “the Pemberton Music Festival experienced increasing difficulty in sourcing talent for the 2017 festival due to a limited number of artists touring in 2017.”
This year’s festival has budgeted expenses of $22,000 000, the statement noted.
But as of today (Thursday, May 18), the revenue thus far totals $8,225,000.
And this isn’t the first time the festival has been in the red.
“The Pemberton Music Festival incurred significant losses in each of the previous three years,” Ernst and Young said.