Karoondinha Festival, which was set to hold its inaugural event on July 21–23 in Centre Hall, PA, has been cancelled due to heavy costs and underwhelming ticket sales, festival representatives told Billboard.

The festival began informing staff yesterday that the event will not take place, along with deleting the Karoondinha website and social media accounts.

“We’re looking at other options at this moment and hope we can make something happen in some way,” says Paul Rallis, who co-founded Karoondinha with sibling Kaleena Rallis. “We’re not walking away from the vision of the idea in any way, because our commitment is still to make something great happen in this area — it’s just not going to take place on the scheduled days.”

Along with not approaching their estimated ticket sales of 25,000–30,000, the festival co-founders say the costs of “marketing, publicity and site preparation” were among the reasons for the cancellation (or theoretical postponement).

“I think what we’ve learned in all of this is that the key part of putting on a successful festival is having a sustainable business model, which we obviously didn’t have going into this,” Paul says. Kaleena echoes the sentiment, saying, “Even for some festivals in their second or third year, it’s not sustainable. There’s an oversaturation of festivals all over the country, and it has been a hard year all around, especially for those trying to take a festival to market.”

Karoondinha was set to feature music from Chance the Rapper, John Legend, Odesza, Sturgill Simpson, The Roots, Leon Bridges, The Revivalists and more. The festival’s cancellation comes on the heels of Pemberton Music Festival declaring for bankruptcy and the disaster that was Fyre Fest.