Bluesfest entered liquidation on Friday afternoon, leaving thousands of fans high and dry and more than $23 million in ticket sales in limbo.
Founder Peter Noble cited poor ticket sales and rising production costs for the decision to cancel and appoint a liquidator to manage all financial matters, including vendor and partner obligations.
"After careful consideration, we concluded we could not proceed in a way that would meet the standard our audiences, artists and partners expect," Mr Noble said.
A 510-page report to be lodged with ASIC by the liquidator of Bluesfest Enterprises outlines the company's affairs and provides details of all ticket holders for the event.
Many patrons paid between $700 and $2000 for the Easter weekend festival, with some spending as much as $15,000.
In a statement to ticketholders, appointed liquidator Jason Bettles said they could lodge a claim for the money paid to the company.
"At this stage, it seems unlikely that you will be refunded from the liquidation any money but we will notify you if the position changes," the statement said.
"If you paid the company on a credit or debit card you may be entitled to have the charge reversed."
Patrons have taken to social media to vent their frustrations, with many worried about being thousands of dollars out of pocket.
Ticketholder Sarah, 41, said she was disappointed and angry over the cancellation and lack of communication from the festival organiser.
"I feel like, potentially, everybody might have been scammed," she told AAP.
"It's just really poor form to get loyal supporters to fork out tickets in advance and then cancel on them and not refund them."
She spent about $1600 on a four-day ticket with her partner, along with accommodation in Byron Bay, which they hope to still use.
A staple for music lovers for more than 36 years, Bluesfest has hosted some of the world's biggest artists including Bob Dylan and James Brown.
Organisers promoted Bluesfest 2025 as their final curtain call but backflipped on the decision after the festival drew more than 100,000 patrons across four days.
RMIT music scholar and lecturer Sam Whiting said Bluesfest's troubles were a sign of the times, with big, multi-genre festivals losing their appeal as streaming services pushed audiences toward specific artists.
"Most festivals that are still doing well and are competitive are very genre-specific ... or they'll just have one massive headliner that carries the whole bill," he said.
The 2026 event was scheduled for April 2-5, with Split Enz, Buddy Guy and Parkway Drive among the main attractions.
It is not yet known whether international artists including Sublime, the Black Crowes, Buddy Guy and the Kenny Wayne Shepherd Band will proceed with their Australian sideshows, promoted by Bluesfest Tours.
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