Bestival organisers have said they are moving the festival from the Isle of Wight to Dorset.
The four-day event is to be held at the Lulworth Estate in September on the same site as Camp Bestival – a family event which takes place in July.
Organiser Rob da Bank said the decision was down to the ‘boring economics of getting people on to the island’, he told the BBC.
Bestival has been held at Robin Hill Country Park, near Newport, annually since 2003.
Rob da Bank continued and said: ‘It’s been a bittersweet morning. Things have really stacked up against us in a really boring economic fashion.
‘Every year it’s just been something that has been brewing and we needed to make the move now otherwise we would have been struggling.
‘We remain fully committed to supporting the Isle of Wight through music, charities and projects. Plus, we’re working towards a new event for the island.’