Next month’s Langerado Music Festival, featuring Snoop Dogg, Gym Class Heroes and others, has been called off as a result of financial challenges in what the promoters said was “the toughest decision we have ever had to make.”

The event’s cancellation was announced on Tuesday (February 3).

The sinking economy is dragging down even pop music. The Langerado Music Festival, one of the biggest music events in South Florida, has been canceled due to poor ticket sales. The seventh edition of the festival was scheduled for March 6-8 in Bicentennial Park in downtown Miami, Florida, in what would have been the event’s first time in Dade County. (Miami Herald)

A promoter for the event has explained the decision.

“Langerado has always put the fan experience first,” co-promoter Ethan Schwartz wrote on the event’s site. “Unfortunately, during these difficult economic times, and facing a first year in a new venue, it’s become apparent that we cannot execute a production that lives up to the high standards of our past events. Putting Langerado on hold was the toughest decision we have ever had to make. We are very grateful for the support of the greater-Miami community and the music community during this difficult time.” (Prefix Mag)

The festival was billed to feature a variety of rock and rap artists.

It was set to feature performances by Death Cab for Cutie, Modest Mouse, Ryan Adams, Snoop Dogg, Deerhunter, Gym Class Heroes, Thievery Corporation and many more. (Rolling Stone)

Pre-purchased tickets will reportedly be refunded.

Ticket purchases for the festival will be refunded within the next seven business days, organizers say. Further information about refunds can be found at (Billboard)