Snowside Festival Cancelled

Austria's Snowside festival has been cancelled with organisers blaming poor ticket sales on the financial troubles caused by the credit crunch.

Yep, the credit crunch is to blame. One minute banks are investing in dubious American mortgages, the next minute festivals are decimated and our calendar suddenly looks a little more dull.

Due to be headlined by Metronomy, Infadels, Kissy Sell Out and more, this was to be the first ever Snowside festival.

A statement posted on the event's official website reads:

"It is with deep regret that due to circumstances beyond our control we have been left with no other choice but to cancel with immediate effect Snowside festival, due to be held in Nassfeld, Austria between March 23rd-29th."

"A huge effort has been maintained right throughout the campaign to successfully produce our first Alpine festival. However due to certain unforeseen factors including the current economic climate (and) the pound-euro exchange rate resulting in rising costs, the knock on effect is that ticket sales have been too low."

"All these factors combined have contributed towards us at Snowside having to make this very difficult decision. Under the circumstances we are unable to proceed any further this year. We will continue to pursue our ambition to hold a festival in the region next year."