UPDATE 7/4/2016 - 10am
It's official folks, you will have to indeed rest your fist-bumping, at least for this year, with Totem OneLove Group releasing a short statement via the Stereosonic Facebook page a short time ago:
Totem Onelove Group is currently working on bringing Stereosonic fans the best festival experience possible. As part of this, we are taking a hiatus during 2016. However, we will return in 2017, bigger and better.
We will see you soon!
There is, as yet, no word on how gym memberships will be affected. Our original post from last night is below.
EDM fans around Australia may have completed their last fist-pump at Stereosonic, after reports that the gathering has been shut down after two deaths at last year's festivals.
Sydney's Daily Telegraph is reporting tonight that the festivals promoters, Totem OneLove and SFX Entertainment have cancelled the event following the deaths and dozens of drug overdoses attributed to the festival.
As yet, festival promoters SFX Entertainment and Totem OneLove had not released any official statement on the news.
SFX bought Stereo's in 2013, however kept founders Frank Cotela and Richie McNeill on the team to help out in a consulting role, however the promoter has faced the same difficulty as other festival organisers have in the last 2-3 years, filing for bankruptcy earlier this year.
But don’t bin your jean shorts yet, because reports are going round that Cotela and McNeill are working on a new venture, although Cotela has disputed this.
“Not at this stage no. Maybe at the future I will do something but at this stage there is nothing on the go,” he said.
We'll update this post as new information emerges.