Yesterday, Woodstock 50 investors announced that they were pulling support for the festival, and thus canceling the event. Following that announcement, Woodstock 50 co-founder Michael Lang and Woodstock LLC confirmed that the festival will go on despite the investor withdrawal.
The statement read: “We are committed to ensuring that the 50th Anniversary of Woodstock is marked with a festival deserving of its iconic name and place in American history and culture.” “Although our financial partner is withdrawing, we will of course be continuing with the planning of the festival and intend to bring on new partners. We would like to acknowledge the State of New York and Schuyler County for all of their hard work and support. The bottom line is, there is going to be a Woodstock 50th Anniversary Festival, as there must be, and it’s going to be a blast.”
Dentsu Aegis Network’s Amplifi Live, one of the festival’s main investment arms, pulled funding for the festival because they felt production of the anniversary event would not live up to the Woodstock Brand name. They also noted health and safety concerns as part of the reason for withdrawing.
According to Billboard, other reasons for the investor withdrawal include concerns about the capacity of the festival, permit issues, and site readiness.
The festival has faced several obstacles prior to this investment news. Tickets were originally supposed to go on sale last week, but that was put on hold, and some of the performers leaked to the press ahead of the official announcement.
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