Prepare for another entry in Phoenix's increasingly crowded music festival scene.

Today, the organizers of Bonnaroo and Outside Lands festivals, Superfly, announced the Lost Lake Festival, a new festival taking place at Steele Indian School Park from October 20 to October 22.

The festival promises to bring more than 40 musical acts, ranging from known A-listers to up-and-coming talent. There will also be other selected offerings of arts and entertainment, as well as culinary and beverage offerings.

Related Stories Here's the Lost Lake Festival Lineup

"We were inspired by the energy and creative shift that is happening in the Phoenix metro area to create a festival experience that represents the Valley's culture," Superfly co-founder Rick Farman said in a press release.

"Our residents and visitors haven't seen anything like the Lost Lake Festival yet," Phoenix Mayor Greg Stanton said.

"The culinary part of this is going to be huge," Farman said.

Many other organizations from Phoenix will help with the festival, including Stateside Presents, Walter Productions, Starr Hill, Phoenix Lights, and A Beautiful Perspective.

You can find more information about the event at lostlakefestival.com.

"This is something we are going to do every year," Farman said.