Dentsu Aegis Network, who were financing the festival, cited production concerns in a statement to Billboard, and fears that the site at Watkins Glen International in upstate NY would not be ready to safely accommodate the 100,000 expected to attend between Friday, Aug. 16 and Sunday, Aug. 18.
"It's a dream for agencies to work with iconic brands and to be associated with meaningful movements", the statement read.
Based on the statements, it seems that perhaps Dentsu Aegis has made a decision to pull its funding, but Woodstock 50's organizers believe they may still be able to throw a festival without it.
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As reported by Rolling Stone, Woodstock 50 has been canceled. With artists like JAY-Z, Chance the Rapper, Run the Jewels, Vince Staples, Halsey, Janelle Monáe, and more slated to perform it is said that more than $30 million was shelled out to secure the star-studded lineup.
Although it was known as Woodstock, the festival actually took place in Bethel, some 70 miles (110 km) south of the village of Woodstock in upstate NY. A rep for the festival reached out to Live Nation and AEG investors for a $20M to save the event but was ultimately declined. Three-day passes were to be priced at $450. Tickets were set to go on sale a week ago, but this was delayed as the festival said it would "refine logistical plans".
There were supposed to be several legends from the original 1969 Woodstock on board: John Fogerty, John Sebastian, David Crosby, Canned Heat and Country Joe McDonald. At the time Amplifi Live confirmed the cancellation, not a single festival ticket was sold.
Almost half a million people attended the first Woodstock Music and Arts Festival, held August 15-18, 1969, at Max Yasgur's dairy farm near White Lake in the Catskill Mountains.