I hate to say I told you so....

But the Bam! festival has been cancelled. I feel bad for them, as they had a reasonably good idea: a festival that doesn't stop, but continue all throughout the night. Unfortunately for them, they've put it in the middle of a great festival year and with a lineup that doesn't have any major drawcards. And all for a reasonably high price in a cash strapped economy.

The official statement from the Bam festival organizers:

It is with great sadness and disappointment that we here at BAM! HQ wish to announce that have not sold enough tickets to run this event. As a result, BAM! Festival has been cancelled.

After the release of our 2 for 1 offer, the slight improvement in ticket sales was last night decided to be insufficient to warrant the financial risk involved in proceeding with the festival.

While profit was not our goal, and our entire team were volunteers, our responsibility in being able to provide payment to our suppliers was paramount to our success. While everything else for a great festival is prepared, without ticket sales we are unable to go ahead.

We would like to thank every single person who has spent time and effort supporting and creating BAM! Festival. Your efforts did not go un‐noticed, and we are truly grateful for your assistance.

To all those who bought tickets to BAM! and were looking forward to the new and different type of festival we were trying to create – thank‐you for your sign of commitment to the festival, and we are sorry that there weren’t more people like you. We hope that you will continue to be supportive of the local music industry in the future.

Apparently they did a 2-for-1 ticket push, and over the last month they only sold 60 tickets. Hard luck guys.