Soundwave 2016 is officially cancelled, and its really no surprise considering the amount of money they owe to their artists.
Having run into serious losses in the last few years, Soundwave Festival cancelled its 2016 and 2017 editions. The 2016 edition was scheduled for January 23-26. Entertainment industry technical publication CX recently reported that the festival owes debts of nearly $26 million. Despite festival founder AJ Maddah trying his best to keep Soundwave running, the company was just in way too much trouble.
Large amounts of money are still owed to over 50 acts that played at the festival this year. The amounts range from $5,720.60 owed to Melbourne band Ne Obliviscaris and $2,132,075 owed to rock heavyweights Soundgarden. Here are some of the debts they owe:
Slipknot — $1,645,299.29
Live Nation Worldwide, Inc — $1,180,325.56
The Smashing Pumpkins — $1,267,446.43
Incubus — $571,428.58
Slash — $484,628.00
Judas Priest — $349,560.55
Fall Out Boy — $394,107.14