Snowside festival 2009 cancelled
Organisers pull Alpine Austrian bash due to the credit crunch
A statement posted on Snowside.com said that the team behind the event were planning to bring the festival back next year.
The statement 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 23-29.
"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."
The festival was due to take place in the from March 23-29, with Metronomy, Infadels, Kissy Sell Out and Eddy Temple-Morris all confirmed to play.