UPDATE 07/04/16: It’s official Stereosonic 2016 has been cancelled.

Original Story: The hearts of EDM bros Australia-wide are about to snap like glowsticks, because reports are coming through this evening that Stereosonic has been permanently cancelled.

The Daily Telegraph is reporting that festival promoters Totem OneLove and SFX Entertainment have scrapped the event, after two people lost their lives and dozens more overdosed on drugs during this summer’s festival tour.

Now these reports have not yet been confirmed by anyone in charge at Stereo, however the Murdoch rag cites “industry speculation” that the festival has been binned, and reckons they received “radio silence” after approaching the promoters for comment.

However, founder Frank Cotela did tell the paper: “I just don’t know what is going on there at Stereosonic”.

But don’t bin your stringlets just yet, because The Tele is reporting that Cotela and his partner Richie McNeill are planning on capitalising on the death of Stereo by launching a new venture, although Cotela has disputed this too, so go figure.

“Not at this stage no. Maybe at the future I will do something but at this stage there is nothing on the go,” he said.

As a bit of background, SFX bought Stereo in 2013 for $75 million but kept founders Cotela and McNeill on as consultants. But then earlier this year, the company announced that it had filed for bankruptcy in the US amid a reshuffling of the business and downsizing.

Since then, the Aussie arm of the operation has been drastically downsized.

Music Feeds have contacted Stereosonic for comment re: the festival’s cancellation.

We’ll bring you more news as it develops.

But in the meantime, looks like you may not need to renew that gym membership next month, guys.

UPDATE 07/04/16, 8.43am: Following reports of a cancellation, it appears Stereosonic’s Melbourne office is up for lease.

Gallery: 15 Pics of Stereosonic 2015 Artists At Their Most Wild

