FOMO festival enters liquidation as coronavirus restrictions impact festivals

A Australian music event has gone out of business after it was revealed it had debts of nearly $5 million in another blow to the festival industry.

The music festival industry has suffered significant losses during the coronavirus pandemic, with all the big name players forced to cancel or delay their events this year.

And now it has been revealed an emerging summer staple — FOMO music festival — has gone out of business and won’t be returning for its national circuit at the beginning of next year.

The one-day festival owes creditors nearly $5 million and was placed in liquidation last week by Hall Chadwick accounting firm, according to reports from industry site The Music.

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“Going forward, the Liquidator will continue to conduct the liquidation including but not limited to liaising with the Company’s creditors, realising all assets and recoverable avenues of the company for the benefit of its creditors and investigating the Company’s affairs,” the firm’s spokesperson said.

“The Liquidator will provide a report to the company’s creditors within three months providing an update on her investigations, the likelihood of any dividend to creditors and any possible action that may be taken for the benefit of the company’s creditors.”

The festival owes creditors nearly $5 million.

FOMO festival’s major social media presence on Facebook, Twitter and Instagram has been deleted, as have its promoters’ BBE.

The festival was launched in 2016 in Brisbane with the concept of one stage to eliminate the prospect for band clashes, hence the event’s name FOMO (fear of missing out).

It has since expanded to a national event and hosted some of the industry’s biggest names including Post Malone, Lizzo and Nicki Minaj.

Byron Bay’s Splendour in the Grass was postponed due to the pandemic, while Glastonbury in the UK was cancelled and California’s Coachella pushed back to October.

Meanwhile, another major summer staple Falls Festival confirmed earlier this month it would be going ahead with its slot at New Year’s Eve at Lorne, Marion Bay, Byron Bay and Fremantle after being impacted by the bushfires earlier this year.

Announcing they’re “choosing the bright side”, festival organisers said they will tweak the event to include an all Australian line-up as the future of international travel remains uncertain.

“Getting ready to wave goodbye to 2020 like we are? 2021 we are ready for you,” Falls posted on Instagram.

“We are excited to let you know that we are working towards a limited edition #fallsfestival with an all Australian line-up!”