Whilst we all wait with baited breath to see who will be announced to play this year’s Splendour In The Grass at Byron Bay, the much embattled festival scene has lost another show with Good Vibrations cancelling it’s 2012 event.

In a statement to FasterLouder, promoter Justin Hemmes said, “We will not be going ahead with the Festival this year. We will be in touch in due course regarding plans for 2013.”, citing “Competitive demand for artists resulting in higher artist fees, unpredictable weather and a shifting live music market.”

Demand for tickets for the 2011 event was low and was not helped when headliners Cee Lo Green and Janelle Monae pulled out to attend The Grammy Awards.

Talking about the festival scene at large Hemmes said earlier:

“It’s a very competitive market. There’s one hundred and one festivals on and there’s a lot of choice. Prices were very high for acts. There was a bidding war going on for acts which pushes the prices up, [artists] prices are inflated, demand is down.”

Proving the point, for the first time in it’s history Splendour In The Grass failed to sell all of it’s tickets last year and Big Day Out had it’s lowest ticket sales in 10 years.

At least 5 festivals cancelled in 2011 including the mega star billed Soundwave Revolution.