The encyclopedia · Finance & Accounting · Financial decision · 2010–2016
Squamish grew from 13,000 to 118,000 fans in six years — then cancelled itself
Live Nation and BRANDLIVE's BC festival drew a record 118,000 in 2015; on 2 March 2016 it cancelled the next edition — and never returned.
Squamish Valley Music Festival · Live Nation Canada · BRANDLIVE · 2016-03
What happened
The Squamish Valley Music Festival launched in 2010 at the Logger Sports Grounds in Squamish, British Columbia, drawing about 13,000 people. Co-produced by Vancouver's BRANDLIVE and Live Nation Canada, it grew every year — Eminem, Macklemore & Ryan Lewis, Weezer and Vampire Weekend passed through — and in 2015 set a record of 118,000 attendees over three days, headlined by Drake, Sam Smith and Mumford & Sons. That year it generated C$14.8 million for the local economy and held a multi-year deal with the town running to 2021.
On 2 March 2016 the organisers announced an 'extremely difficult decision' not to proceed with the 2016 festival, then deleted the festival's Twitter account. The District of Squamish called it a business decision. Behind it sat mounting costs, rising competition from other festivals, and a Canadian dollar at about 70 US cents — while headliners were priced in American money.
Local officials hoped the organisers would 'recoup and retool' for 2017, but the festival never returned. Two weeks earlier the BC government had announced a C$15 million music fund citing Squamish as its flagship example; the flagship was gone by the end of the month.
Why it happened
- The cost base was exposed: artists paid in US dollars against ticket revenue in Canadian dollars — a 30-cent currency haircut landed on the booking budget.
- Competition multiplied: the West Coast festival boom split the same headliners and the same audiences.
- Scale raised the stakes: at 118,000 attendees, one bad booking cycle was no longer survivable.
The lesson
Squamish grew for six years — then the dollar fell, competition multiplied and headliner bills stayed in US currency. 118,000 fans could not outrun a booking budget priced in another country's money.
Aftermath
Squamish's festival site went quiet; the BC Music Fund continued without its flagship. The cancellation remains Canada's clearest case of exchange-rate economics killing a festival.
Sources
- Vancouver Sun, 3 March 2016 — Squamish Valley Music Festival cancelled (announced 2 March 2016; 'extremely difficult decision'; 2015 record of 118,000 attendees over three days headlined by Drake, Sam Smith and Mumford & Sons; reasons: mounting costs, increased competition, low Canadian dollar around 70 US cents making it hard to compete for artists paid in American currency; organizers Live Nation and BRANDLIVE deleted the festival's Twitter account; mayor Patricia Heintzman: 'The crux of it was the mounting costs and mounting competition'; festival generated $14.8M for the local economy in 2015 and had a deal with the District of Squamish until 2021)
- Wikipedia — Squamish Valley Music Festival (annual festival at Logger Sports Grounds, Squamish, BC, 2010–2015; co-produced by BRANDLIVE Management and Live Nation Canada; attendance grew from ~13,000 in 2010 to over 120,000 in 2015; headliners included Eminem, Macklemore & Ryan Lewis, Weezer, Vampire Weekend; cancelled in 2016 owing to the falling Canadian dollar and increasing competition)
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